Flextronics ( FLEX) says it will swing the ax again in a major cost-cutting move.

The Singapore contract manufacturer plans to take a $235 million restructuring charge over the next two years related to employee severance costs. The company, which has electronics manufacturing facilities in 30 countries, did not specify how many jobs it planned to reduce.

In December, Flextronics completed a round of cuts eliminating 1,667 workers and booked a restructuring charge of $28.3 million.

The current global economic crisis and related decline in demand for its customers' products across all of the industries served has caused" a big decline in its orders, the company said in a press release.

Flextronics expects to save between $230 million to $260 million annually as a result of the cuts.

Shares of the company closed up 35 cents, or 19%, at $2.21 Tuesday.