Tundra wields axe

Tundra Semiconductor Corp. cuts loose 20 staff, or 7% of its global workforce, to reduce costs. R&D and administration departments at the system interconnect technology company the will be hit hardest by the layoffs. “This initiative is part of the ongoing transformation of Tundra’s business that the new leadership team has undertaken over the last six months,” says CEO Daniel Hoste, who took the helm when Jim Roche resigned last fall. “These actions, while difficult, are essential to Tundra becoming more efficient operationally…” The cuts will see the company take a $1.6 million, one-time restructuring hit tabulated in Q1, 2008, but will ultimately bring about an annual cost savings of $2 million.

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