PHOENIX (AP) _ ON Semiconductor Corp. announced Thursday it plans to cut 550 jobs, or about 5 percent of its work force, as it consolidates its global manufacturing operations to trim costs.

The semiconductor maker, which went public nearly a year ago, will also eliminate 80 manufacturing jobs through attrition. The company hopes the moves will save $100 million a year.

At the time, the company said it would speed up moving its manufacturing plants into lower-cost regions, phase out higher-cost supply contracts in favor of internal manufacturing, cut materials costs from suppliers and streamline overhead.

Shares of ON were up 44 cents on the Nasdaq Stock Market to close at $4.44.