More cuts

System interconnect technology company Tundra Semiconductor Corp. is cutting some 30 jobs in a move to fight rising costs associated with the soaring Canadian dollar. It is the company’s second round of cuts this year. Tundra.jpgTundra says that the move, which will initially cost $4 million in restructuring charges, will ultimately result in quarterly savings of $1.5 million. Amounting to about 10% of Tundra’s workforce, the layoffs will be felt largely in R&D and, to a lesser degree, in sales. “The rapid appreciation of the Canadian dollar…has resulted in a near 15% reduction in Tundra’s top-line revenue over the last several quarters,” says CEO Daniel Hoste, who notes that the company has also been hurt by unfavorable conditions in the communications market. Last May, Tundra let go 20 staff, or roughly 7% of its global workforce at the time.

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