April 20, 2016
Santa Clara, CA-based Intel Corp. unveiled a plan to restructure that will result in 12,000 job cuts by the middle of next year. The giant chip maker says it’s aiming to accelerate the “evolution from a PC company to one that powers the cloud and billions of smart, connected computing devices.”
Intel is trimming its ranks by roughly 11 percent through site consolidations worldwide, a combination of layoffs and voluntary departures, and a re-evaluation of programs and products. Notices to affected employees are expected to be made over the next 60 days, though some could slide into next year..
The reductions are expected to generate $750 million in savings this year, and annual run-rate savings of $1.4 billion by mid-2017. The company will record a $1.2-billion one-time charge for restructuring costs in the second quarter.