Intersil Corporation (NASDAQ: ISIL) today announced restructuring initiatives designed to prioritize the company’s sales and development efforts, strengthen financial performance and improve cash flow.

The restructuring plan includes a reduction of approximately 18% of Intersil’s worldwide workforce and a reduction of approximately $30 million in annual operating expenses, according to the SEC filing. Currently, Intersil employs approximately 1,700 employees, according to their company website. The estimated 18% reduction would involve around 300 jobs. Intersil has not released a statement about where the workforce reduction would come from within the company.

The restructuring plans will be substantially completed during the first quarter of 2013 and are expected to reduce annual operating expenses by approximately $30 million. A restructuring charge of approximately $15 million for severance-related benefits is expected during the first quarter of 2013.

"Today’s market requires us to sharpen our focus on core strengths and markets where we can offer superior value to our customers," said Jim Diller, Interim President and Chief Executive Officer, of the restructuring initiatives. "Today, we are announcing plans designed to ensure that Intersil remains well-positioned and appropriately structured for sustainable, long-term growth and profitability."

This is not the first time that Intersil, which specializes in the design and manufacture of high-performance analog, mixed-signal and power management semiconductors, has had to cut workforce in an effort to improve cash flow, though it is a more substantial reduction than their most recent restructuring efforts. Intersil reduced their workforce by 9% in 2008, in response to the economic conditions of the day, and then again in May 2012, with a workforce reduction of 11%.

Intersil has locations in California, Florida, China, Malaysia, Japan, Germany and the United Kingdom.