2023-03-22 12:02:31 ET
- Magnachip Semiconductor ( NYSE: MX ) rose 2.7% after a report that the company is planning to offer voluntary retirement for 5% of its workforce due to a sales downturn.
- The chipmaker is offering voluntarily retirement to 5% of its 900 employees, according to a report earlier Wednesday in Korea's The Elec.
- There is a some that view the job cuts are a sign that Magnachip ( MX ) may be pruning the workers as it prepares to put itself up for sale again, according to the report.
- In September there was a media report that LX Holdings was reviewing a possible bid for Magnachip, though the item also indicated that there were no active talks and LX may be looking at other targets.
- Magnachip ( MX ) and its planned buyer Wise Road in December 2021 mutually terminated a $1.4B transaction after failing to get U.S. national security approval for the deal .
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Magnachip Semiconductor gains amid report of job cuts