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| SMSC > SEC Filings for SMSC > Form 8-K on 14-Jan-2009 | All Recent SEC Filings |
14-Jan-2009
Costs Associated with Exit or Disposal Activities, Other Events, Finan
As a result of global economic conditions and reduced demand for its products, on January 14, 2009 the Registrant committed to and announced a reduction in worldwide personnel of approximately 5-10% including a voluntary retirement incentive for most employees 55 years of age and older. The Registrant estimates that these measures will result in accounting charges in the amount of approximately $3-5 million, primarily in the fourth quarter of fiscal year 2009. The Registrant estimates that cash payments associated with these programs will also approximate $3-5 million and will most likely be made in the first quarter of fiscal year 2010; the Registrant expects these cost reduction activities to be completed during the first quarter of fiscal year 2010.
A copy of the Registrant's press release announcing the activities in Item 2.05
herein and other matters is furnished with this 8-k and attached as Exhibit
99.1. Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended,
regardless of any general incorporation language in such filing.
( d ) Exhibits
99.1 Press Release dated January 14, 2009.
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