According to reports, ON Semiconductor plans to lay off 475 employees in its global business to cope with the financial impact of the COVID-19 pandemic.

In fact, about a month ago, ON Semiconductor CEO Keith Jackson (Keith Jackson) revealed that the company is implementing restructuring measures, these measures are expected to save ON Semiconductor about 90 million US dollars in annual costs.

As of the end of 2019, ON Semiconductor had 34,800 employees worldwide, and the layoffs accounted for about 1.4% of the total number of employees. ON Semiconductor said that the layoffs are expected to result in annual savings of between US $ 65 million and US $ 70 million, but will not affect its ability to respond to a significant recovery in demand.

In addition, the company said it is continuing to evaluate and implement other measures, which are expected to further save costs.