Monday, August 24, 2009
Conexant Completes Product Line Sale, Chops 100 Employees
Newport Beach-based Conexant reported Monday afternoon that it has completed the sale of the firm's Broadband Access product lines to Ikanos. The deal was worth $54M. Conexant had said it would sell the unit in April. As part of the deal, the company said it cut approximately 100 Conexant employees, which will reduce the firm's expenses by approximately $3M per quarter. The firm said the cuts were be made worldwide, and will bring the firm to approximately 600 employees total.