June 14, 2024 /SemiMedia/ -- According to reports, Onsemi plans to lay off about 1,000 employees worldwide in order to streamline operations and reduce costs. In addition, the company has been struggling with a slow recovery in chip demand due to a weak electric vehicle market and excess inventory among customers.

onsemi said it will also consolidate nine sites and reallocate another 300 employees or ask them to relocate to another site.

According to onsemi's annual report, as of December 31, 2023, the company had approximately 30,000 full-time employees.

onsemi expects to incur $65 million to $80 million in employment-related expenses in 2024 and 2025, with the process completed in 2025. onsemi plans to reinvest a portion of the savings into some business initiatives and opportunities.