💨 Abstract

Microchip Technology announced a workforce reduction of approximately 2,000 jobs, or 9%, due to slowing demand from automakers. The cuts will primarily affect chip factories in Oregon, Colorado, and the Philippines. The company anticipates annual savings of $90-$100 million in operating expenses and $25 million in reduced employment costs. The layoffs will be communicated this month, with full implementation by June.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖