Wolfspeed announced on November 11, 2024, a significant workforce reduction of approximately 20-25% of its total employee base. This measure is part of a broader restructuring plan aimed at optimizing the company's cost structure and accelerating its transition to 200-millimeter silicon carbide production.
The headcount reduction also includes a 30% decrease in the senior leadership team, reflecting a comprehensive effort to streamline decision-making and eliminate redundancies. These initiatives are projected to generate approximately $200 million in annual cash savings for the company.
The layoffs are coupled with the closure of multiple facilities, including the Durham 150mm device fabrication facility, as Wolfspeed focuses its operations on its state-of-the-art Mohawk Valley Fab and Siler City materials facility. This strategic realignment is intended to create a more agile and efficient company.
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