Wolfson had already embarked on cost-cutting measures in response to an earlier downturn in business, shedding 22 jobs. Among those who left in September was Dave Shrigley, the chief executive, who was replaced by Mike Hickey from Motorola. Shrigley said that he was leaving for family reasons.
Wolfson designs and develops semiconductor products which are then made by third parties in Taiwan and China. It specialises in performance mixed-signal integrated circuits which are used to convert analogue signals into digital for storing and processing information. Wolfson will report its interim financial figures later this month.
Contrast this to the on-going Chinese attempt to prevent iron-ore producers getting more market share and News International buying the set top box operations of Amstrad.