Microchip Technology to lay off 2,000 employees amid weak automotive demand

Microchip Technology said on Monday it will cut around 2,000 jobs, or about 9 per cent of its workforce, as the chipmaker restructures its business to combat slowing demand from automakers.

The Chandler, Arizona-based company has been grappling with tepid demand from automotive customers that are struggling to clear existing chip inventory, dragging Microchip’s shares down more than 36 per cent last year.