Microchip Technology Incorporated ( $MCHP) shutting chip fab #Arizona 
#Layoff #Layoffs 

TEMPE, Ariz. — Microchip Technology Incorporated announced Monday the company plans to shut down its manufacturing facility in Tempe.
The company's leaders said "certain actions are necessary" after examining Microchip's operations that will result in a restructuring of the company's manufacturing plans. 
The process technologies run at the Tempe facility, referred to as Fab 2, are also run at Microchip's Oregon and Colorado facilities, which both have space for expansion.

We expect to be able to shut down Fab 2 in the September 2025 quarter at which time we expect that it will generate annual cash savings of approximately $90 million," Microchip CEO Steve Sanghi said in a statement on Monday.
Located a few miles from Microchip's corporate office in Chandler, the Fab 2 currently produces 8-inch wafers for the tech company.
#MCHP #Arizona #Layoff #Layoffs