CHICAGO-Chipmaker Agere Systems Inc. said it plans to lay off 500 workers, reflecting a slowdown in the semiconductor market that has hit companies such as Intel Corp. and Philips Semiconductors.
The cut will include administrative functions, as well as sales, marketing and product development parts of the business, according to the company.
The firm also plans to shut down its wafer plant in Florida if it does not secure a buyer by December 2005.
Agere said it will take charges in the range of $340 million and $360 million, while reaffirming that revenues for the September quarter will be in the range of $420 million to $445 million, in line with its July guidance.
