Imagination Tech deepens staff cuts amid restructuring

— 9:32 AM on March 17, 2016

Imagination Technologies is putting the pedal to the metal on the restructuring plans it announced in February. In an update to its corporate blog today, the company says it's accelerating the plan by putting 200 more jobs on the chopping block, reducing overhead, and winding down or selling "non-core and/or cash-consuming units." Imagination had already announced 150 layoffs as part of its February notice. The company says the move will let it save an extra £12.5 million ($18.1 million) that'll be delivered by April 2017.

It's not all bad news, though. Imagination says that it's not planning any reductions in its three main businesses—PowerVR, MIPS, and Ensigma. In fact, it's looking for 50 new employees for the PowerVR business as part of its efforts to bolster that division. The company also says it's seen "considerable interest" in Pure, the smart radio and audio business that it put up for sale in February. All told, the company expects to save £27.5 million ($39.7 million) by April 2017. Imagination Technologies shares rose sharply on the news

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