Marvell Technology Group Ltd. said it plans to cut about 900 jobs globally and sell non-core assets in a bid to lower costs by as much as $190 million annually.

The company expects to complete the restructuring by end of October next year and bring down costs to $820-$840 million annually from $1.08 billion.

Marvell has about 5,300 employees, according to its website.

Shares fell about 2 percent to $12.69 by 11:22 a.m. New York time Thursday. They are up 48 percent from a year earlier.