SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 5, 2008
Intersil Corporation
(Exact name of registrant as specified in its charter)
| | | | |
| Delaware | | 000-29617 | | 59-3590018 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| | |
| 1001 Murphy Ranch Road, Milpitas, CA | | 95035 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (408) 432-8888
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.05 | Costs Associated with Exit or Disposal Activities |
On November 5, 2008, Intersil Corporation issued a press release announcing a restructuring plan to reduce its global workforce by approximately 9% and reduce overall operating costs by $12 to $14 million. Under the plan, we expect to incur employee severance costs of approximately $4 million and asset impairment and other related costs of $16-19 million. The plan will be substantially complete by the end of 2008. Severance pay and career transition services will be offered to all affected employees. A copy of the press release is furnished as Exhibit 99.1 to this report pursuant to Item 2.05 and Regulation FD.
| Item 9.01. | Financial Statements and Exhibits. |
99.1 Press Release dated November 5, 2008 announcing Intersil Corporation’s restructuring plan.
SIGNATURE
Pursuant to the requirements of the Signature Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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| | INTERSIL CORPORATION |
| | |
| Date: November 5, 2008 | | By: | | /s/ Thomas C. Tokos |
| | Name: | | Thomas C. Tokos |
| | Title: | | Senior Vice President, General Counsel and Secretary |
Exhibit Index
| | |
Exhibit
Number | | Description |
EX-99.1 | | Press Release issued by Intersil Corporation on November 5, 2008. |
