Intersil announced that due to current economic conditions, it is taking steps to improve its competitive position, including a 9% reduction of its global workforce. Including the previously announced consolidation of the company's Palm Bay, Florida fabrication facilities, which will conclude during the first half of 2009, Intersil expects to reduce its global workforce by approximately 140 employees and reduce its overall annual operating costs by approximately $12 million to $14 million. Severance pay and career transition services will be offered to all affected employees. In the third quarter 2008 Intersil achieved net revenues of $218.7 million and a net income of $50.7 million.