Microchip Technology Layoffs: US-Based Semiconductor Company To Lay Off 2,000 Employees, Shut Down Manufacturing Facility Amid Slow Demand From Automotive Industry
Microchip Technology, a US-based semiconductor company will lay off employees and shut down a manufacturing facility due to slow demand from the automotive industry. The Microchip layoffs will affect 2,000 employees.
Chandler, March 4:슬롯 머신 사이트 추천Microchip Technology, a US-based chipmaker, will reportedly start laying off슬롯 머신 사이트 추천thousands of employees as part of its restructuring exercise. The company reportedly shared its plans to let go of 2,000 employees슬롯 머신 사이트 추천amid weakening demand. Microchip슬롯 머신 사이트 추천layoffs are a response to the semiconductor company's ongoing struggles with the automotive sector.슬롯 머신 사이트 추천
According to the reports, the latest job cuts will슬롯 머신 사이트 추천cost슬롯 머신 사이트 추천the company between USD 30 and 40 million, which includes severance pay and expenses related to the restructuring.슬롯 머신 사이트 추천The Microchip Technology layoffs will affect 9% of the chipmaker's workforce. The슬롯 머신 사이트 추천semiconductor company, based in Chandler, Arizona, has슬롯 머신 사이트 추천reportedly been struggling with poor demand from its automotive customers.슬롯 머신 사이트 추천Tech Layoffs 2025: 74 Companies Lay Off 18,397 Employees This Year Amid Various Reasons, Meta and HP Lead.
The automotive industry has also been struggling amid the competition from electric vehicles슬롯 머신 사이트 추천and슬롯 머신 사이트 추천Chinese rivals and slow demand in the international market. Due to these factors, the Microchip share price fell to 36% in 2024.슬롯 머신 사이트 추천To tackle the situation, the슬롯 머신 사이트 추천Microchip Technology sees the layoffs as the best option. The workforce reduction will be implemented at the company's fabrication units located in Gresham, Oregon, and Colorado Springs, Colorado.슬롯 머신 사이트 추천
Microchip layoffs will also be implemented in the company's manufacturing facility in슬롯 머신 사이트 추천the Philippines. The company's employees슬롯 머신 사이트 추천will be informed about the job cuts슬롯 머신 사이트 추천this month. However, the슬롯 머신 사이트 추천chipmaker will complete the headcount reduction process by the end of June 2025.
Besides the슬롯 머신 사이트 추천layoffs,슬롯 머신 사이트 추천Microchip will also shut down its슬롯 머신 사이트 추천manufacturing facility슬롯 머신 사이트 추천located in Arizona. The company had already filed for the closure of the company in December, targeting USD 90 million슬롯 머신 사이트 추천in cash savings. The Microchip factory layoffs will affect more people and슬롯 머신 사이트 추천reportedly cost슬롯 머신 사이트 추천the company another USD 25 million.슬롯 머신 사이트 추천Ola Electric Layoffs: Bhavish Aggarwal슬롯사이트™s EV Firm To Cut 1,000 Jobs as Part of Restructuring Amid Losses, Say Reports.
Further, the semiconductor슬롯 머신 사이트 추천will incur a USD 45 million loss슬롯 머신 사이트 추천related to cancelling or modifying the long-term supply agreements with wafer industries. The Microchip layoffs will슬롯 머신 사이트 추천affect슬롯 머신 사이트 추천various슬롯 머신 사이트 추천business units and support groups.
(The above story first appeared on LatestLY on Mar 04, 2025 09:55 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).