Business & Financial

Broadcom lays off 1,100 employees after Brocade merger

FILE PHOTO:  A sign to the campus offices of chip maker Broadcom Ltd, is shown in Irvine, California

FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd, is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake/File photo

(Reuters) – Broadcom Inc said it had laid off about 1,100 employees across its businesses to cut costs after its merger with Brocade Communications Systems.

The chipmaker completed its $5.5 billion acquisition of network gear maker Brocade in November.

Broadcom is further evaluating its resources and may terminate additional positions, it said in a regulatory filing https://www.sec.gov/Archives/edgar/data/1730168/000173016818000019/avgo-05062018x10q.htm.

Broadcom said it had incurred $143 million in restructuring charges, primarily employee termination costs, during the first two quarters of its fiscal 2018.

The company is expected to pay majority of its employee termination costs in the third quarter.

(Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel)

 

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