International Rectifier To Close El Segundo Plant

El Segundo-based International Rectifier, a developer of analog and power ICs, said Wednesday that it is shutting its El Segundo, California fabrication facility, and laying off staff. The firm did not say how many employees would be affected by the move. The firm blamed weak demand in its markets for the move, which came after it its results showed a 15 percent decrease in year-to-year, fourth quarter results. The firm cited weak end-market demand, particularly in Asia and Europe, for the move, and also said it is looking at resizing its Newport, Wales fabrication facility. The firm said the closure in El Segundo will save it approximately $10M a year when complete.