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Broadcom lays off 1,100 employees after Brocade merger

Published 15/06/2018, 00:18
© Reuters. FILE PHOTO: Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California
AVGO
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(Reuters) - Broadcom Inc (O:AVGO) 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 (£4.1 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.

© Reuters. FILE PHOTO: Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California

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

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