Microchip Technology Inc. has progressed on its overall performance reversal plan of the semiconductor company based in Chandler and the bottom line, the company’s best manager said on Thursday during a call for results.
Microchip CEO, Steve Sanghi, said that he had carried out several actions as part of his new points recovery plan, including refining the company’s distribution strategy, re -engage with customers and the modification of its long -term business model to reflect current operating conditions.
Sanghi said Microchip resized his manufacturing footprint during his first financial quarter, highlighting the decision to close its Temple manufacturing plant, which was Registered for sale in May.
In addition, Microchip has completed a global layoff of 10% of its employees as part of its efforts to reduce spending. The company announced its intention to reduce 2,000 jobs – including 330 workers based at its temple Fab – at the end of June.
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