On Semiconductor Corporation
ON Semiconductor Announces Major Workforce Reductions and Site Consolidations
Summary
On June 13, 2024, ON Semiconductor Corporation announced a plan to consolidate nine sites and reduce its global workforce by approximately 1,000 employees as part of its 'Fab Right' strategy. The company expects to incur employment-related charges between $65 million and $80 million over 2024 and 2025. The consolidation is expected to be completed during 2025, subject to local laws and regulations.
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About On Semiconductor Corporation
On Semiconductor Corporation, commonly known as onsemi, is a leading semiconductor supplier focused on complete intelligent sensing and energy-efficient solutions. The company provides innovative and reliable products that improve energy efficiency and enable the latest green technologies. onsemi's portfolio includes power management, analog, sensors, connectivity, custom, and system-on-chip (SoC) solutions. It serves a variety of markets, such as automotive, industrial, communications, and consumer electronics. The primary function of onsemi is to enhance the performance and efficiency of electronic products used in everyday life and in critical applications ranging from smart grids to advanced driver-assistance systems (ADAS). With a strong emphasis on research and development, onsemi is dedicated to driving advancements in technology that facilitate cleaner energy consumption and smarter electronic systems. Within the financial markets, onsemi plays a significant role given its strategic position in key growth sectors like electric vehicles and smart infrastructure. By leveraging cutting-edge technologies, the corporation continually contributes to the advancement of semiconductor technologies, reinforcing its relevance as a pivotal entity in the evolving landscape of global electronics and electrification initiatives.
Official SEC Documents
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