Microchip Technology to Cut 2,000 Jobs Amid Slowing Automotive Demand
Microchip Technology announced plans on Monday to reduce its workforce by approximately 2,000 employees, representing 9% of its total staff, as part of a restructuring effort to address declining demand from automakers.
The Chandler, Arizona-based semiconductor company has been facing sluggish demand from automotive clients struggling with excess chip inventory, contributing to a 36% drop in its stock value last year.
The job cuts will primarily impact chip fabrication facilities in Gresham, Oregon, and Colorado Springs, Colorado, as well as the company’s backend manufacturing plant in the Philippines.
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