Most of the financial analysts are liking this move, but it comes with a human cost 😦
These were awesome design centers with great people. It is a sad day for me.
PMC-Sierra Announces Cost Reduction Initiative and Business Outlook Update for First Quarter 2007: Financial News – Yahoo! Finance:
Press Release Source: PMC-Sierra, Inc.
PMC-Sierra Announces Cost Reduction Initiative and Business Outlook Update for First Quarter 2007
Thursday March 29, 4:05 pm ET
SANTA CLARA, Calif.–(BUSINESS WIRE)–PMC-Sierra, Inc. (NASDAQ:PMCS – News), today announced that it is undertaking a corporate restructuring that the Company expects will reduce on-going annualized operating expenses by an estimated $20 to $24 million per year.