June 13 (Reuters) - Onsemi said on Thursday it

would cut its global workforce by about 1,000 employees, as the

chipmaker looks to streamline its operations and reduce costs.

The company has been struggling with a sluggish recovery in

demand for chips in the face of a weak electric vehicles market

and excess inventory at its customers.

Onsemi would also consolidate nine sites and reassign an

additional 300 employees or ask them to relocate to another

site, it said in a regulatory filing.

The company had about 30,000 full-time employees, as of Dec.

31, 2023, according to its latest annual report.

Onsemi supplies chips that go into drive trains of electric

cars and help with driver-assistance systems like cameras and

sensors. Its silicon carbide chips also help extend the range of

electric vehicles.

It expects to incur between $65 million and $80 million in

employment-related charges in 2024 and 2025 and complete the

process during 2025.

The company plans to reinvest part of the savings generated

into some business initiatives and opportunities.

Onsemi had laid off about 1,900 employees in 2023, as part

of its efforts to internally manufacture its more profitable

chips and save costs by outsourcing other chips.

The company forecast its second-quarter revenue and profit

below analysts' estimates in April.

Shares of the company were down marginally in extended

trading and have fallen 8.8% so far this year.