Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Globalfoundries, a US-based semiconductor foundry, will cut 900 jobs in the framework of a an important strategy shift. The semiconductor foundry has decided to cease development of bleeding edge manufacturing technologies and stop all work on its 7LP (7 nm) fabrication processes. The company is not able to pursure the competition with the three largest foundry (TSMC, Samsung and Intel) in the race of reducing the size of microships. Instead, the company will focus on specialized process technologies for clients in emerging high-growth markets, based on the company’s 14LPP/12LP platform. This strategy shift will lead GF to redeploy the staff working on the 7nm microships. But it will also cut 5% of its staff worldwide, about 900 employees. The company's headquarters are in Santa Clara, US. A former reorganisation was recorded in the ERM database affecting 700 to 800 jobs in Germany in 2015.
Eurofound (2018), GlobalFoundries, Internal restructuring in World, factsheet number 95496, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/95496.