The company is scheduled to start in Israel Layoffs after the country’s holidays, likely to include several hundred employees in the cities of Haifa, Petah Tikva, Jerusalem and Kiryat Gat.
Intel operates 4 development and production sites in Israel, including its Fab 28 manufacturing plant in Kiryat Gat. The factory produces Intel 7 technology, or 10-nanometer chips.
The Fab 38 factory was scheduled to open in 2028 and operate until 2035. Intel employs approximately 12,000 people in Israel.
Intel announced in its financial report last month that it is implementing a plan aimed at saving $10 billion by laying off 15% of its workforce – that is, more than 17,000 employees.
In the first phase of the plan, Intel focused on collecting the names of employees who wanted to join the voluntary retirement program – which offers retirement in exchange for a number of 19 salaries paid in advance as compensation, while employees who did not join the initiative would be dismissed with a minimum Of the compensation required by law.
Financial reports for the second quarter indicated that Intel recorded losses exceeding $1.6 billion, compared to profits amounting to $1.48 billion in the same period of the previous year.
Intel previously dominated the chip industry, but has recently lost ground to its competitor, Nvidia, which has become the new standard in the industry. Intel CEO, Pat Gelsinger, explained that the company is working to improve production processes to achieve chips More efficient, but he indicated that they still have a long way to go.