Thread regarding Freescale Semiconductor Ltd. layoffs

layoff's in July/September

The rumor in Chandler is layoff's within the business unit in July (a dozen) and the fab in September. Since NXP took over there is almost no communication and few have any idea what's going on. He (Clemmer) delivered the Q1 results and said low growth was unacceptable - but the takeover seems to have gone poorly to me. Revenues should be higher - only about a 50% boost over the old NXP and so the stock hasn't budged even though he beat guidance . He seems like a private equity guy to me - and he just issued $1B in private bonds @ 4% to pay down the debt (to give to guess who). I don't think Clemmer is talking much with the individual business units so I don't think the GM's have much info until he buys, sells or cuts.

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Everything involving severance packages has been kept under wraps, nothing was ever officially announced. It has been left up to the individual to ferret out the information for himself. If you want a severance package you must contact your manager yourself and initiate the process, your manager will NOT come to you. If you are granted a severance package you will receive up to six months pay (and no more than that, your milage may vary) and you will still be eligible for medical insurance at the same rate you are paying as an employee, after six months you are eligible for COBRA. You can find all this information buried on the SUMMIT website. Just go to SUMMIT > MyHR > Benefits > Involuntary Severance Program. It is all spelled out there in black and white, all 16 pages of it. I've got my severance package and I'm out of here in the middle of November and y'all should do the same. If you don't they will just lay you off next year anyway and you will get nothing except a escort out the door by security.

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