Broadcom Lays Off 1,100 to Cut Costs
Jun 15, 2018, 7:30 AM by Eric M. Zeman
Broadcom says it has let go of about 1,100 employees in the wake of its $5.5 billion acquisition of Brocade. The Brocade deal closed in November 2017 and the firm has since been working to integrate the two. The company let employees go from a number of its business lines and is still evaluating whether or not more cuts are needed. The firm says it has so far incurred $143 million in restructuring costs related to the layoffs. One of the primary reasons to acquire or merge two companies is to create efficiencies within. This often translates to job losses. Broadcom heavily targeted Qualcomm in the latter months of 2017 and early months of 2018, but was eventually rebuffed. Broadcom makes components and devices for wireless communications, storage, and infrastructure.
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