According to reports, ON Semiconductor plans to lay off approximately 740 employees of the company and its subsidiaries in the first half of 2021.

The company said that the layoffs are part of its ongoing efforts to re-commit growth drivers and streamline operations.

This is ON Semiconductor’s second layoff in the past year, after the company planned to lay off 475 employees in April last year.

ON Semiconductor estimates that due to severance payments, medical benefits, payroll taxes and other expenses, the cost of layoffs in the first half of this year will be between US$58 million and US$62 million.