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  1. Broadcom lays off 1,100 employees after Brocade merger

Broadcom lays off 1,100 employees after Brocade merger

Broadcom Inc said it had laid off about 1,100 employees across its businesses.

By: | New York | Published: June 15, 2018 3:51 AM
broadcom, us, it sector The chipmaker completed its .5 billion acquisition of network gear maker Brocade in November. (Reuters)

Broadcom Inc said it had laid off about 1,100 employees across its businesses to cut costs after its merger with Brocade Communications Systems.

The chipmaker completed its $5.5 billion acquisition of network gear maker Brocade in November.

Broadcom is further evaluating its resources and may terminate additional positions, it said in a regulatory filing https://www.sec.gov/Archives/edgar/data/1730168/000173016818000019/avgo-05062018x10q.htm.

Broadcom said it had incurred $143 million in restructuring charges, primarly employee termination costs, during the first two quarters of its fiscal 2018.

The company is expected to pay majority of its employee termination costs in the third quarter.

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