Fairchild Semiconductor announced a company wide restructuring that is expected to cut worldwide workforce by approximately 1,100 people, or 12 percent. The company expects to incur a total of $12 to $16 million in one time cash charges related to restructuring actions during the current quarter and the first quarter of 2009. These measures are expected to reduce payroll expenses by approximately $33 million on an annualized basis. Mark Thompson, Fairchild’s president and CEO stated, “…I especially want to emphasize that our key strategic R&D projects will not be affected”.