ON Semiconductor Corporation has announced a company-wide restructuring plan to align its costs with current business trends while maintaining progress toward long-term financial goals. The plan includes reducing the global workforce by approximately 2,400 employees, expected to be completed in 2025, subject to local laws and regulations. The company anticipates incurring employment-related charges between $50 million and $60 million, covering severance, benefits, payroll taxes, and other expenses, with most charges recorded in 2025. The estimated annual savings from these reductions range between $105 million and $115 million.

The company notes that these estimates are subject to change based on various factors and may incur additional costs not currently anticipated. The announcement includes forward-looking statements about the restructuring’s execution and financial impact, which involve risks and uncertainties. Investors are advised to consider these risks before making any investment decisions.