Microchip Technology to lay off 2,000 employees

Microchip Technology said on Monday it will cut around 2,000 jobs, or about 9% of its workforce, as the chipmaker restructures its business to combat slowing demand from automakers.

The company expects to incur between $30 million and $40 million of costs related to the layoffs, consisting of cash severance and related restructuring expenses.

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The layoffs will be communicated to employees this month and fully implemented by the end of the June quarter.

The company will also be shutting down operations at its Arizona chip manufacturing facilities in May, several months earlier than previously expected when the planned closures were announced in December.