Intel's reorganization of its chip-making business into an independent subsidiary aims to enhance efficiency and address significant financial losses, driven by strategic market assessments.
As part of the announcements, CEO Pat Gelsinger stated, 'This is the most significant transformation of Intel in over four decades.' He emphasized the company's goal to build a stronger Intel for the future.
Intel will be halting work on new factories in Poland and Germany for two years to realign with market demand, while continuing operations in the US.
The company disclosed plans to cut its real estate footprint by two-thirds and was awarded $3 billion by the Biden administration for military chip production.
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