Compiled by Julie Leupold
TOP STORIES
Drug maker Valeant Pharmaceuticals International of Aliso Viejo said it will cut nearly half of its workforce. The company said it was cutting 1,250 jobs as part of a restructuring that includes the sale of its European subsidiaries. Valeant said the divestitures should be completed in the next 12 months. Valeant had 3,000 workers as of Dec. 31. Valeant already has cut its U.S. and Mexico employee count by 130 people.
Newport Beach chipmaker Conexant Systems Inc. is selling its business making chips for set-top TV boxes for up to $145 million to NXP Semiconductors, the former chip arm of Royal Philips Electronics NV. Conexant is set get $110 million in cash now and up to $35 million in the next two years if the business reaches milestones. NXP plans to combine the business with its own operation making set-top box chips. About 700 Conexant workers in the U.S., Europe, Asia and Israel are set to join NXP.
ECONOMIC INDICATORS
Down: OC’s housing market, as foreclosures of local homes rose 268% in the first quarter from a year ago, according to RealtyTrac.
