International Rectifier IR Layoffs Job Cut: fires 850 employees: Finance Trading Times

International Rectifier IR Layoffs Job Cut: fires 850 employees

Seems like the doomsday has arrived for the El Segundo-based maker of computer chips, International Rectifier. The news is not good for the employees of International Rectifier. Another news of layoffs, another company joining the group of companies to go for layoffs. The firm International Rectifier, has decided to go for International Rectifier Lay offs or International Rectifier Job Cuts. International Rectifier Layoffs

How many employees may be fired by International Rectifier layoffs?
The news is that around 850 employees will be made jobless at International Rectifier.

How many employees does International Rectifier have?
The total no. of employees at International Rectifier is around 4,500 full time total work force globally. Around 600 of them are in El Segundo.

Any news of previous layoffs by the company
No. There is no news about any previous layoffs by International Rectifier.

Any plants or locations being closed by International Rectifier?
It is learnt that the cuts will include a research and development facility in El Segundo that employs about 70 people. The El Segundo fabrication plant will close in stages through December 2010, and the work will move to Temecula factory.

Which locations will be affected by the International Rectifier Layoffs?
The research and development facility in El Segundo will be affected.

Which segment of employees will be affected by the International Rectifier layoffs
The administrative staff at the headquarters will be affected..

How much savings can be made by International Rectifier Layoffs?
Around $33 million USD a year are expected to be saved by the company.

When will the International Rectifier layoffs happen
Around 50% of the total layoffs are already complete and the job cuts are reported to begin in July.

Any severance package for the affected employees?
Yes. Company has mentioned that around 10 million $ will be the cost for severance package for the laid off employees.

What are the primary reasons of International Rectifier Layoffs
Primary reason is the declining market sales and economic downturn.

Any other news about International Rectifier?
As per DailyBreeze News,Consolidation of work from another production facility in Newport, Wales, will save an additional $8 million a year.
El Segundo Mayor Kelly McDowell said IR's cuts did not surprise him, considering the company's losses and the general economic climate, which prompted Boeing Co. and Mattel Inc. to lay off workers last year in the city.
Let's hope that alternative jobs are available to the affected employees of International Rectifier Layoffs Job Cut.
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