GlobalFoundries announced it will cut 5 percent of its workforce, in effort to improve the foundry's financial performance. The company has 18,000 employees so this news affects about 900 people. GlobalFoundries says the job cuts will be done across "a variety of functional areas and all geographies", with no impact on the roadmap or any of the firm's existing services.
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.
GF is the world’s second largest pure-play foundry with 2017 revenues estimated at $5.86 billion by IC Insights. It started life as the spin out of AMD’s fabs, then acquired Chartered’s fabs in Singapore and IBM’s fabs in the U.S.