Chip supplier Fairchild to slice 1,350 jobs

San Jose, Calif.-based chip supplier Fairchild Semiconductor plans to cut some 1,350 jobs in the U.S. and Asia.

A cost-reduction measure, the cuts represent about 15 percent of the company's total workforce, according to the Associated Press.

On Monday, the company also announced it would close facilities in Utah and Malaysia and shut down five-inch water fabrication lines in South Korea.

Read more from the Associated Press.