Electronics Production |
Intel to cut 10,500 jobs
Intel will eliminate 10,500 jobs about 10 percent of its work force, through layoffs, attrition and the sale of underperforming business groups as part of a massive restructuring.
The Santa Clara-based company said most of the job cuts this year will come from its management, marketing and information technology ranks, and will expand in 2007 to include manufacturing, design and other segments.
The cuts are expected to save the company $3 billion per year by 2008. Severance costs are expected to total $200 million.
Intel is fighting to reverse sinking profits and make it more efficient as it seeks to regain market share stolen by smaller rival Advanced Micro Devices Inc.
