Globalfoundries Cuts 5% of Workforce
No fabs, products planned for cuts
6/11/2018 06:01 PM EDT
SAN JOSE, Calif. — Globalfoundries has started a layoff aimed at trimming 5 percent of its workforce as part of its new focus on financial performance. The company does not plan to close any fabs or cut any of its existing services.
The layoffs will affect about 900 of GF’s 18,000 employees, “across a variety of functional areas and all geographies,” a company spokesman said. “We remain fully committed to delivering our roadmap,” he added.
The company informed workers of the cuts on Monday (June 11). It will offer a voluntary separation program it expects many people will accept.
The effort aims “to improve our global cost structure and minimize redundancies that have accrued from previous mergers and acquisitions” and could take several weeks to complete, the spokesman said.
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