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Fairchild Semiconductor cutting 1,350 jobs

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POSTED August 25, 2014 8:15 p.m.

SAN JOSE (AP) — Chip supplier Fairchild Semiconductor is eliminating about 1,350 jobs in the U.S. and Asia — about 15 percent of its total workforce — to reduce costs.

The company said Monday that it will close facilities in Utah and Malaysia and will shut down five-inch wafer fabrication lines in South Korea. Fairchild said it will take charges of $36 million in restructuring and $25 million in depreciation, but the closures are expected to save Fairchild $45 million to $55 million a year.

The San Jose -based company said it will close the facilities between the second and fourth quarters of 2015.

Fairchild Semiconductor International Inc. shares fell 10 cents to $16.92 in midday trading. The stock has gained 36 percent over the last 12 months.

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