Intel’s employees in Ireland will learn within weeks whether their jobs are at risk as the US chip giant imposes billions of euro worth of cost reductions, the Business Post has learned.
The chipmaker last week announced that it would cut up to $10 billion of costs from the business over the next three years amid slowing demand, falling revenues and a wider downturn in global tech stocks.
Leo Varadkar, the Tánaiste and Minister for Enterprise, has told IDA Ireland to monitor potential job losses at the plant and keep him informed of any moves by the company to cut its headcount. The frequency of meetings between Intel and the government has picked up significantly over recent weeks. LinkedIn has initiated a hiring freeze and scaled back plans to expand its office space at a new campus in Dublin. The company said it took the decision due to an increase in home working.
“In the view of the size of their operations here I would have an expectation that there is an open dialogue between the department and the Tánaiste, particularly, and Intel... If there isn’t, there should be,” Murphy said.