- Nordic Semiconductor is to reduce its workforce and abandon plans to acquire Novelda, a specialist in chips for wireless communication using the UWB protocol.
“We have taken the difficult decision to reduce the size of our workforce, and we are also rebalancing and reorganizing our teams, as part of our broader strategy to implement the business model that meets our objectives. The rebalancing of sources reflects ongoing initiatives to refocus Nordic’s attention on core strategic programs, improve operational efficiency and optimize operating expenses,” said Vegard Wollan, CEO of Nordic Semiconductor, who has replaced Svenn-Tore Larsen at the helm of the Norwegian company since January 1, 2024.
The specialist in electronic circuits for wireless connectivity has announced plans to lay off around 8% of its workforce, or some 120 people, out of a total workforce of just over 1,400.
At the same time, the Norwegian company would no longer be inclined to complete the acquisition of its compatriot Novelda announced in October 2024.
On October 16, the two companies had announced a letter of intent to conclude the acquisition of Novelda by Nordic Semiconductor. The transaction was subject to due diligence, final approval by the Board of Directors and the approval of the Board of Directors.
