Microchip Technology Inc., a maker of chips for cars, consumer devices and other products, said it would close a plant in Tempe, Arizona, affecting about 500 employees.
The company also said that orders have been slower than anticipated and it was revising the December quarter’s outlook to near the low end of its original forecast of about $1.03 billion.
Steve Sanghi, board chairman and interim chief executive officer, said Monday in a statement that the Tempe plant would be shut down in the September 2025 quarter because “inventory levels are high and the company has ample capacity in ...
