UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
February
1, 2010
Date of
report (Date of earliest event reported)
Integrated
Device Technology, Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-12695
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94-2669985
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(State
of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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6024
Silver Creek Valley Road, San Jose, California 95138
(Address
of principal executive offices) (Zip Code)
(408)
284-8200
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 2.05 Costs
Associated with Exit or Disposal Activities
On
February 1, 2010, the Company announced a plan to discontinue manufacturing
operations in its Singapore facility. The Singapore operations will
begin a phased shut down that is anticipated to take approximately three
months. As a result, the Company will reduce its workforce in
Singapore, resulting in a reduction of the worldwide workforce of approximately
11%. The Company has taken this action following an assessment of
operational and financial considerations. In connection with these
actions, the Company estimates that it will incur approximately $2.3 million
to $2.7 million in cash expenditures for severance and related costs,
primarily in the fourth quarter of fiscal 2010 ending March 28,
2010. The Company expects to complete this restructuring initiative
in the first quarter of fiscal 2011.
Forward-Looking
Statements
Investors
are cautioned that forward-looking statements in this Current Report involve a
number of risks and uncertainties that could cause actual results to differ
materially from current expectations. Risks include, but are not limited to:
global business and economic conditions; fluctuations in product demand,
manufacturing capacity and costs, inventory management, competition, pricing,
patent and other intellectual property rights of third parties; timely
development and supply of new products and manufacturing processes; dependence
on one or more customers for a significant portion of sales; availability of
capital, cash flow; successful integration and restructuring of acquired
businesses, technology and related employee matters; other risk factors detailed
in the Company’s Securities and Exchange Commission filings. The Company urges
investors to review in detail the risks and uncertainties in the Company’s
Securities and Exchange Commission filings, including but not limited to its
annual reports on Form 10-K for the fiscal year ended March 29, 2009, its
current reports on Form 8-K and other Securities and Exchange Commission
filings. These forward-looking statements speak only as of the date
of this Current Report and the Company assumes no obligation to publicly release
the results of any revisions or updates to these forward-looking statements that
may be made to reflect events or circumstances after the date hereof, or to
reflect the occurrence of unanticipated events, except as required by
law.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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INTEGRATED
DEVICE TECHNOLOGY, INC.
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Date:
February 4, 2010
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/S/ RICHARD D. CROWLEY, JR.
Richard
D. Crowley, Jr.
Vice
President, Chief Financial Officer
(Principal Financial and
Accounting
Officer)
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