Intel is turning its foundry business, which manufactures chips for other companies, into an independent subsidiary. The company has revealed its plan in a. Intel is laying off more than 15,000 people as part of its $10 billion cost-reduction plan to regain financial stability following a second-quarter net loss of $1.6 billion.
Gelsinger said that there will be no changes to the foundry's leadership, but the subsidiary will establish its own operating board with independent directors to govern it. According toits existing fabs and building new ones for its foundry business, which is costing the company billions of dollars, in an effort to catch up to its chipmaking rivals like TSMC and Samsung.
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