This excerpt taken from the MRVL 8-K filed Nov 27, 2007.
Item 2.05 Costs Associated with Exit or Disposal Activities.
Today, Marvell Technology Group Ltd. (Marvell) announced a plan to reduce operating expenses and help meet financial targets with a worldwide reduction in force of approximately 400 employees, or approximately 7% of Marvells total workforce. Marvell expects to incur a restructuring charge in connection with the plan of up to $8 million in the fourth quarter of fiscal 2008 related to severance and other expenses. The workforce reduction will affect all functions of Marvells global workforce, and in particular positions based in the United States and Israel, and to a lesser degree, other international locations. The plan is expected to be completed in the fourth quarter of fiscal 2008.
Safe Harbor Statement
This Item 2.05 contains forward-looking statements, including those regarding the expected restructuring charges, expected reduction in operating expenses and anticipated timing of the above plan. All forward-looking statements are based on managements estimates, projections and assumptions as of the date hereof and include the assumptions that underlie such statements. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to the risks that Marvell may incur charges and cash expenditures in connection with the Plan that are higher than anticipated or in other fiscal periods than anticipated, the Plan will not strengthen Marvells profitability, Marvell will not achieve anticipated cost savings due to increased expenses in other areas of its business, and the other risks described under the caption Risk Factors and elsewhere in Marvells SEC filings. Marvell undertakes no obligation to revise or update any forward-looking statements.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 27, 2007