Microchip Technology layoffs: Chipmaker to cut 2000 jobs and closes several plants
4 weeks, 1 day ago

Microchip Technology layoffs: Chipmaker to cut 2000 jobs and closes several plants

Live Mint  

Microchip Technology has announced plans to reduce its workforce by approximately 2,000 roles, equating to about nine per cent of its global staff, as part of a strategic restructuring initiative. Restructuring Cost Microchip anticipates restructuring costs to range between $30 million and $40 million, largely comprising cash severance payments and related expenses. As part of its broader cost-saving measures, Microchip will also accelerate the planned shutdown of its chip manufacturing operations in Arizona, bringing forward the closure to May, several months earlier than initially scheduled. In addition to the anticipated $90 million in yearly cost reductions from the Arizona fab closure, Microchip expects to save a further $25 million by cutting employment-related costs at various facilities worldwide.

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Microchip to cut 2,000 jobs, impacting 9% of global workforce
4 weeks, 1 day ago

Microchip to cut 2,000 jobs, impacting 9% of global workforce

India Today  

Microchip Technology has announced plans to lay off 2,000 employees, about 9% of its global workforce, as part of a restructuring effort, reported Reuters. The said move was majorly triggered by the declining demand from the automotive sector, with companies struggling to clear their existing semiconductor stock. COSTS INVOLVED AND EXPECTED SAVINGS Microchip estimates $30–$40 million in restructuring costs, majorly …

Intel Layoffs: Chipmaker To Fire Over 15,000 Employees Amid Cost Cutting Measures
8 months ago

Intel Layoffs: Chipmaker To Fire Over 15,000 Employees Amid Cost Cutting Measures

ABP News  

Intel Layoffs: The tech firm Intel will be laying off over 15,000 employees in an effort to overcome the losses the company has been experiencing. Additionally, it will reduce capital expenditures by over 20 per cent this year, restructure operations to eliminate non-essential activities, and review all ongoing projects and equipment to ensure spending remains in check. In the press …

Intel to lay off 15% of its workforce, cut $20 billion in costs
8 months ago

Intel to lay off 15% of its workforce, cut $20 billion in costs

Firstpost  

Intel CEO Gelsinger emphasised the need to align Intel’s cost structure with a new operating model to improve margins and better position the company for future growth, especially as it faces a challenging outlook for the second half of 2024 CEO Gelsinger has noted that while investments in the AI PC market may pressure profit margins in the short term, …

Chipmaker Intel to cut 15,000 jobs as it tries to revive its business and compete with rivals
8 months ago

Chipmaker Intel to cut 15,000 jobs as it tries to revive its business and compete with rivals

LA Times  

Intel, based in Santa Clara, Calif., is also suspending its stock dividend as part of a broader plan to cut costs. “Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate,” he wrote in the memo published on Intel’s website. “Intel’s announcement of a significant cost-cutting plan including layoffs may …

Intel Layoffs: Tech Firm Plans To Fire Thousands Of Employees, Says Report
8 months ago

Intel Layoffs: Tech Firm Plans To Fire Thousands Of Employees, Says Report

ABP News  

Intel Layoffs: Intel reportedly plans to cut thousands of jobs as part of a cost-cutting strategy to support the critical initiative of recovering from recent earnings declines and market share losses. Intel’s Chief Executive Officer Pat Gelsinger is investing heavily in research and development to improve the firm’s technology and restore its leading position in the semiconductor industry. Under Gelsinger's …

Intel plans to cut thousands of jobs to finance recovery: Report
8 months ago

Intel plans to cut thousands of jobs to finance recovery: Report

The Hindu  

Intel plans to cut thousands of jobs to finance a recovery and cope with eroding market share, Bloomberg News reported on Tuesday, citing people familiar with the matter. CEO Pat Gelsinger has initiated a turnaround to regain the company's competitive edge, focusing on revitalizing its manufacturing capabilities, investing in advanced chip technologies, and expanding into new markets. In October 2022, …

Microchip crisis to cost carmakers $110bn this year
3 years, 10 months ago

Microchip crisis to cost carmakers $110bn this year

The Telegraph  

The global shortage of semiconductor chips will cost carmarkers $110bn in lost revenue this year, according to business consultancy AlixPartners. Modern cars include about 1,400 semiconductor chips and that figure is expected to keep rising, making the shortage “a critical issue for the industry”, said AlixPartners’ Dan Hearsch. before we get enough incremental capacity online to alleviate all aspects of …

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