Conexant Offers to Swap Options
Times staff writer
With its stock down 70% in the last year, Conexant Systems Inc. moved to boost morale and keep key employees on the payroll by offering workers the chance to exchange worthless options they have on 30.2 million shares.
The Newport Beach communications chip maker also took the first step in its previously announced plan to transfer its basic in-house manufacturing off-shore. The company said a Taiwanese manufacturer that has been making about half of Conexant’s basic semiconductors will take over all such production.
The actions did little to impress Wall Street. The company’s stock lost 57 cents to close at $11.34 a share on Nasdaq.
