According to Gelsinger, Intel’s manufacturing business is being spun off into a separate company, without being sold. That business will have its own financial statements. The company will also temporarily halt the project in Malaysia until demand for microprocessors recovers.
Gelsinger believes these moves will simplify Intel’s structure and allow it to centralize small, ineffective teams. These steps are aimed at reducing costs and increasing the efficiency of financial investments.
“We must act quickly to create a more competitive cost structure and achieve our $10 billion savings goal,” Intel CEO said.
Source: Ferra
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