International Rectifier Cuts 850 Employees

El Segundo-based International Rectifier is planning on cutting 850 jobs, or approximately 18 percent of its workforce, the maker of mixed signal semiconductors said Thursday as part of its earnings release. International Rectifier said the cuts represent approximately 18 percent of the firm's workforce. The company also said it will close two facilities--one, in Newport, Wales, and the other in El Segundo. IR said that the El Segundo facility will be consolidated into its Temecula fabrication facilities. The job cuts are expected to save the firm $33M in annual costs, with a $10M charge for severance. The firm said the El Segundo closure will save it approximately $12.7M per year. The job cuts and shutdowns were announced as the firm reported a revenue drop of 17% compared to the prior quarter, and a 26% drop in business versus the comparable quarter last year. International Rectifier's analog, digital , and mixed signal ICs are used for power management, and are used in electronics and other applications.