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According to a filing with the Securities and Exchange Commission, Advanced Micro Devices (AMD) has said that the company will incur $70 million as restructuring cost in the fourth quarter. The filing also sees the layoff of employees which was announced to be 500 but reached close to 600.

The company expects that the:

restructuring expense that it will record in the fourth quarter of fiscal 2008 will be approximately $70 million, based on the restructuring plan approved by the Company on December 19, 2008.

The distribution of $70 million is like this, $34 million for severance and employee benefits, $13 million for contract/program termination cost, $17 million for asset impairment and around $6 million for exit costs at facilities.

Also more cost reductions are also expected in the first half of next year.