-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OLaSTnCStbiqHDK5HifYWSwHqE8bawVyUF9chC7eT4gc6q+SSnP0ncsIj77q1dFS Kb59mPjAXXI/UK4Miv0Bcg== 0001140361-11-013003.txt : 20110301 0001140361-11-013003.hdr.sgml : 20110301 20110301161511 ACCESSION NUMBER: 0001140361-11-013003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110224 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20110301 DATE AS OF CHANGE: 20110301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STANDARD MICROSYSTEMS CORP CENTRAL INDEX KEY: 0000093384 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 112234952 STATE OF INCORPORATION: DE FISCAL YEAR END: 0806 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07422 FILM NUMBER: 11651789 BUSINESS ADDRESS: STREET 1: 80 ARKAY DRIVE CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 6314342904 MAIL ADDRESS: STREET 1: 80 ARKAY DR CITY: HAUPPAUGE STATE: NY ZIP: 11788 8-K 1 form8k.htm STANDARD MICROSYSTEMS 8-K 2-24-2011 form8k.htm
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
 
Date of Report (Date of earliest event reported): February 24, 2011
 
STANDARD MICROSYSTEMS CORPORATION
(Exact name of registrant as specified in its charter)
 
DELAWARE
0-7422
11-2234952
(State or other jurisdiction of
(Commission File
(I.R.S. Employer
incorporation)
Number)
Identification No.)
 
80 Arkay Drive, Hauppauge, New York 11788
(Address of principal executive offices) (Zip Code)
 
(631) 435-6000
(Registrant's telephone number, including area code)
 
N/A
(Former  name,  former  address and former  fiscal year,  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:
 
o
Written  communications  pursuant to Rule 425 under the  Securities Act (17 CFR 230.425)

o
Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the Exchange Act (17 CFR 240.14d-2(b))

o
Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
Item 2.05. Costs Associated with Exit or Disposal Activities.

On February 24, 2011 the Board of Directors of the Registrant approved a restructuring plan to reduce costs and to reduce investment in certain businesses.  Pursuant to the plan, the Registrant expects to eliminate approximately 80 positions worldwide, including the elimination of approximately 50 positions at its subsidiary in Shenzhen China as part of its plan to substantially reduce investment in storage solutions.  The remaining positions being eliminated consist of certain administrative positions, certain positions in its subsidiary in Canada as part of its plan to converge the wireless audio products roadmap from the Kleer and STS acquisitions and to rationalize worldwide resources working on wireless audio products, and certain engine ering positions. The Registrant estimates that these measures will result in accounting charges in the amount of approximately $2 million, primarily in the fourth quarter of fiscal year 2011.  These charges are related to termination of employees and will result in cash payments most likely to be made in the first quarter of fiscal year 2012; the Registrant expects these cost reduction activities to be completed during the first quarter of fiscal year 2012.
 
 
 
 
 
SIGNATURES

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 thereunto duly authorized.

STANDARD MICROSYSTEMS CORPORATION

(Registrant)
 
Date:  March 1, 2011
By:
/s/ Kris Sennesael
   
Kris Sennesael
   
Vice President and Chief Financial Officer
 

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