Chipmaker Onsemi has announced a global restructuring plan that will eliminate approximately 2,400 jobs by 2025.

This decision, aimed at reducing operational costs, was disclosed in a company filing on Feb. 25.

The restructuring is expected to incur costs ranging from US$50 million to US$60 million, primarily recorded within this fiscal year.

Onsemi anticipates that this plan will lead to annual savings of between US$105 million and US$115 million.