This excerpt taken from the CRUS 8-K filed Mar 14, 2008.
Item 2.05 Costs Associated with Exit or Disposal Activities.
On March 13, 2008, Cirrus Logic, Inc. (the "Company") committed to a plan to close Caretta Integrated Circuits ("Caretta"), a subsidiary based in Shanghai, China and acquired by the Company on December 29, 2006. The Company determined that the Caretta operations no longer aligned with the Company’s strategic plan. These actions are expected to eliminate approximately 30 positions in China during the Company’s fourth fiscal quarter. The Company anticipates the closure to be materially completed by the end of the Company’s fourth fiscal quarter on March 29, 2008.
Statements included within this Current Report on Form 8-K that are not historical in nature, including without limitation the Company’s anticipated cost and timing of the closure of Caretta constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance, or events to be materially different from any future results, performance, or events expressed or implied by such forward-looking statements. Information regarding the risks, uncertainties, and other matters are set forth in the risk factors listed in our Form 10-K for the year ended March 31, 2007, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.