Ramtron Cuts Workforce, Salaries

Colorado Springs-based Ramtron International, a developer of random access memory and other semiconductor products, said Tuesday afternoon that it is cutting 17 percent of the firm's workforce, as well as reducing salaries of its employees by 5 to 12 percent. According to Ramtron, the move comes to "strengthen its operation" in the current economic environment. Ramtron said that it will take a charge of $5.8M, made up of $4.8M in impairment to goodwill, plus $1M in severance costs. Among other cost cutting measures, the firm also said it is eliminating variable compensation accruals for 2009, and has taken other actions to reduce its operating expenses. The firm said it now employs 102 worldwide.