Microprocessor maker Advanced Micro Devices (AMD) said this afternoon that it will “realign” itself to be more competitive and reduce its cost structure, primarily through a layoff of 10% of its global workforce.
The company expects its restructuring moves, which will include “implementing efficiencies across the company’s operations,” will result in cost savings of $118 million in 2012.
The layoffs, expected to be completed by the end of the first quarter of 2012, will result in an additional $90 million in savings in 2012. AMD had 12,019 workers at last count, according to it’s most recent public statement.
AMD shares are up 3 cents, or half a percent, at $5.76 in late trading.
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