Apple supplier Synaptics plans layoffs, office closures
Synaptics Inc. plans to lay off 160 employees and close some offices, according to information filed Thursday with the Securities and Exchange Commission. The company said the workforce reductions, which equal about 9% of total staffing levels, will cost $10 million to $11 million mostly in severance fees, while the consolidation of office space will cost $3 million to $4 million for lease-cancellation fees and other costs. "These programs represent cost-cutting measures to align the company's cost structure consistent with its revenue levels," the filing stated. Synaptics has suffered this year from a plateau in sales for Apple Inc.'s iPhone, for which the company provides touch controllers. Synaptics stock fell 2.1% to $60.50 Thursday after a price target cut from Mizuho Securities, and is down 24.7% so far this year.
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