Global recession hits SiRF and Tele Atlas

Global recession hits SiRF and Tele Atlas

SiRF filed its cost reduction and company restructuring plan with the US Securities & Exchange Commission (SEC) on December 9th.

The plan includes a reduction in the company's workforce, the consolidation of offices and a reshuffling of priorities in terms of certain engineering projects.

The plan, together with the November spin-off of the Swedish subsidiary, SiRF Technology, AB, will result in a headcount cut of about 25% – the majority of which is to be completed early in Q1 2009.

This is SiRF's third job cutting session this year. In March, SiRF filed a corporate restructuring plan with the SEC that included a 7% reduction in its workforce and the closing of its offices in Sweden and South San Francisco. In July, the company filed notice that it planned to cut its workforce by another 7% – 9% by the end of Q3 2008.

According to a recent GPS World report, Tele Atlas has also laid off around 125 employees worldwide, or about 6% of its workforce.

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