The cuts will affect the company's three largest factories, including in Tempe
CHANDLER, AZ — Microchip Technology Inc. is implementing pay cuts for its workers along with a two-week shutdown at its three largest semiconductor factories in the U.S. — including in Tempe — in March and June as it seeks to better manage inventory amid a 'weak macro environment.'
The Chandler-based microcontroller manufacturer said on a Feb. 1 earnings call that while it remains confident about long-term business opportunities, it’s cautious about near-term demand, prompting steps to limit spending and tightly manage inventory.
The two-week shutdowns will occur at Microchip's three chip fabs in Tempe, Gresham, Oregon and Colorado Springs, along with activity reduction at many of the company's other global factories.
In addition, Microchip (NASDAQ: MCHP) is planning a 10% pay cut for employees not associated with factory shutdowns and a 20% pay cut for its executive team, Microchip CEO Ganesh Moorthy said on the earnings call.
www.abc15.com
I think got some people on here working there.
CHANDLER, AZ — Microchip Technology Inc. is implementing pay cuts for its workers along with a two-week shutdown at its three largest semiconductor factories in the U.S. — including in Tempe — in March and June as it seeks to better manage inventory amid a 'weak macro environment.'
The Chandler-based microcontroller manufacturer said on a Feb. 1 earnings call that while it remains confident about long-term business opportunities, it’s cautious about near-term demand, prompting steps to limit spending and tightly manage inventory.
The two-week shutdowns will occur at Microchip's three chip fabs in Tempe, Gresham, Oregon and Colorado Springs, along with activity reduction at many of the company's other global factories.
In addition, Microchip (NASDAQ: MCHP) is planning a 10% pay cut for employees not associated with factory shutdowns and a 20% pay cut for its executive team, Microchip CEO Ganesh Moorthy said on the earnings call.
Microchip to cut pay, production at fabs
Microchip Technology Inc. is implementing pay cuts for its workers and a two-week shutdown at its three largest semiconductor factories in the U.S. — including in Tempe.
www.abc15.com
I think got some people on here working there.
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