Cypress Semiconductor to cut 8% of workforce

Cypress Semiconductor Corp. CY, -1.32% said late Monday said it plans to eliminate about 500 workers worldwide in a move to restructure towards more high-growth areas of its business, according to a Securities and Exchange Commission filing. Cypress has just under 6,300 employees, according to FactSet data. The mixed-signal integrated circuit maker said it plans to pay out $40 million to $50 million in severance over the third and fourth quarters. Shares of Cypress were down less than 0.1% at $12 after hours.