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BRIEF-Magnachip Semiconductor says board approved implementation of a new headcount reduction plan
February 23, 2017 / 10:49 PM / 6 months ago

BRIEF-Magnachip Semiconductor says board approved implementation of a new headcount reduction plan

Feb 23 (Reuters) - Magnachip Semiconductor Corp

* Magnachip Semiconductor - board of directors of Magnachip Semiconductor Corporation approved implementation of a new headcount reduction plan

* Magnachip - plan is expected to result in estimated annual cost savings of $20 million to $27 million, depending upon final size of workforce reduction

* Expects to record a charge related to other termination benefits payable under plan during q1 of 2017

* Magnachip - total estimated cost of headcount reduction plan is approximately $27 to $37 million Source text for Eikon: Further company coverage:

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