Cypress Semiconductor's (CY - Get Report) CEO Hassane El-Khoury says the company's restructuring plan is on track and says there is big opportunity in autonomous cars and the internet of things. In early October, Cypress announced an ambitious resturturing plan that would mean the elimination of 500 jobs. El-Khoury says, "everyone who is part of the restructuring has already been communicated with...The goal for us is to have most of the plan completed by Q1." The restructuring plan comes on the heels of the chip makers latest acquisition of Broadcom's (AVGO - Get Report) IoT division early this summer. "We're very excited about our IoT business that's generating the revenue and the growth that we expected when we closed, actually exceeding the high-end of our guidance last quarter and that's going to be a lot of our growth moving into 2017." El-Khoury says his top priority in the near-term is paying down debt and de-levering the company, he doesn't rule out making tuck-in acquisitions. Going into 2017, El-Khoury doesn't expect M&A in the sector to slow down, especially from newly-merged companies looking to sell non-core assets. "You're going to start seeing a lot of opportunities for potential divestitures of non-strategic assets for the new entities that have been created." El-Khoury says that while IoT is a big focus, the company also sees a lot of opportunity in automotive. "32% of our revenue is automotive so whatever that market grows, we'll grow with it." TheStreet's Ruben Ramirez spoke with El-Khoury at the Mizuho Investor Conference in New York.