Microchip Technology to lay off 2,000 employees amid weak automotive demand

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Microchip Technology to lay off 2,000 employees amid weak automotive demand - Business Standard

Quick Summary:

The headcount reductions will be concentrated in the company's chip factories, commonly referred to as fabs, in Gresham, Oregon and Colorado Springs, Colorado.

Microchip Technology said on Monday it will cut around 2,000 jobs, or about 9 per cent of its workforce, as the chipmaker restructures its business to combat slowing demand from automakers.

The company will also be shutting down operations at its Arizona chip manufacturing facilities in May, several months earlier than previously expected.