Intel has announced new measures as part of its recovery and cost-cutting plan. The corporation abandons plans to manufacture chips in Germany and Poland and announces the continuation of cuts, as reported by Reuters and Euronews.
In an address to employees, CEO Lip-Bu Tan announced that Intel was finally abandoning production projects in Germany and Poland, which was suspended in September, and also slows down construction work at a facility in the US state of Ohio.
In March 2022, Intel announced the construction of a mega-processor manufacturing plant in Germany with a total investment of 17 billion euros and receiving subsidies from the German authorities in the amount of 6.8 billion euros.
A few months ago, the company announced a reduction of 15% of its employees, and now the head of Intel has said that new measures are being introduced, and by the end of the year the total number of employees will be 75,000, compared with 95,000 at the end of 2024. In general, the reduction will be 22%.
John Pitzer, vice president of investor relations, confirmed that the abandonment of overseas manufacturing means that Intel is "focused on capital investments in the United States," and that the group "fully supports" President Donald Trump's program to restore American manufacturing. He also added that Intel is "on schedule" and plans to complete the restructuring by the end of the year.
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