05:12 PM EDT, 06/13/2024 (MT Newswires) -- ON Semiconductor (ON) said late Thursday that it intends to consolidate nine sites and reduce its global workforce by about 1,000 employees.

The company plans to reassign or relocate about 300 additional employees.

ON estimates it will incur between $65 million and $80 million in employment-related charges in 2024 and 2025, with majority of the charges expected to be recorded in calendar 2024.

The company plans to reinvest a "substantial portion of the savings generated from these actions" into its continuing workforce. It also aims to reinvest in business initiatives and opportunities.

The company plans to complete the optimization plan in 2025.

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