With Intel's latest layoffs, will the Ohio plant ever be built?
Then-Intel CEO Pat Gelsinger, Gov. Mike DeWine joined by politicians and business leaders break ground ceremony for Intel's new semiconductor manufacturing site, September 9, 2022, in Licking County, Ohio. (Photo by Graham Stokes for the Ohio Capital Journal / Republish photo only with original story)
Ohio's top union leader is disappointed and concerned following Intel's announcement of significant layoffs, which could affect the state's multi-billion-dollar manufacturing plant.
The corporation refused to answer questions on how this could impact the state.
'The last 100 days have been very concerning for me,' said Mike Knisley, with the Ohio State Building and Construction Trades Council.
Thousands of union workers and billions of dollars — stalled.
'A lot of sweat equity into making sure that they were ready when Intel barked — we're ready to move with this,' Knisley said. 'That's a little bit of a disappointment … I just don't know in present time if that's gonna be viable or not.'
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WEWS/OCJ has been reporting for years on tech giant Intel's massive semiconductor manufacturing facility — one that was supposed to be operational by now — and its financial hardships.
Knisely explained that workers are concerned now that the company has announced it will lay off a significant amount of its workforce, less than a year after cutting 15%. Bloomberg News reported 20%, but the company didn't respond to comment on that number.
Intel's stock has dropped by more than 50% in the last year, while the industry has grown by more than 120%. After spending 25 years on the Dow Jones Industrial Average, Intel was replaced on the index by Nvidia, a leader in artificial intelligence, in late November. The company also had mass layoffs in October, cutting 15,000 jobs.
An Intel spokesperson declined to answer questions about how this could impact Ohio but pointed to Intel CEO Lip-Bu Tan's statement, which said, in part: 'We are navigating an increasingly volatile and uncertain macroeconomic environment … We are seen as too slow, too complex, and too set in our ways—and we need to change.'
Still, Ohio Gov. Mike DeWine remains positive that the plant will be built by Intel's updated date — in the 2030s.
'They put now close to $8 billion into the ground,' DeWine said. 'There's going to be chips that are going to be made there, I will guarantee you that.'
But he acknowledged the struggles the company is facing.
'What happens with Intel, what the future is with Intel — we certainly don't know,' the governor said.
They are not the only major corporation cutting the work of thousands of Ohio workers. Microsoft recently stopped a $1 billion project to create multiple data centers in the state. The company did not respond to requests for comment.
'It would be a bad look for all of Ohio, including us with the trades, if everything went south and they just walked away,' Knisely said about Intel.
Still, the governor is telling Knisely not to worry.
'No company is going to invest as much money as they have already put into Ohio and walk away from it,' DeWine said.
Follow WEWS statehouse reporter Morgan Trau on Twitter and Facebook.
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Business Insider
an hour ago
- Business Insider
Dropbox CEO Drew Houston's favorite books on business and management include these 4 must-reads
Dropbox's CEO reads a lot of business books but credits four with making him a better business leader. Drew Houston cofounded Dropbox in 2007 and has been CEO since. In the nearly 20 years he's been at the helm of the cloud storage company, a few books have been instrumental in shaping his approach to business leadership and management, he says. He was influenced by "a lot of the classics," he said during an episode of Fortune's "Leadership Next" podcast released Wednesday. One of his favorites is "The Effective Executive" by Peter Drucker. Though first published in 1966, the book shares timeless insights that have landed it a spot on many business leaders' must-read lists, including Amazon founder Jeff Bezos. When Bezos was still CEO, "The Effective Executive" was one of three books he required members of his senior management team to read. Drucker is widely considered the founder of modern management. "The Effective Executive" covers topics including time management, effective decision-making, and management via objectives and goals. Houston also loves a few books from Andy Grove, the late former CEO of Intel, specifically "High Output Management" and "Only the Paranoid Survive." The former imparts lessons from Grove's tenure at Intel on how to build and run a business. The latter digs into navigating what Grove calls "Strategic Inflection Points," which he defines as key moments where a business has to make major adjustments or risk becoming obsolete. Houston says these books taught him about "the mindsets you need to cultivate while being CEO or having any other demanding job." "A lot of leadership is really who you are and how you enter the field you create around you," he said. Houston also recommended "The 15 Commitments of Conscious Leadership," by Jim Dethmer, Diana Chapman, and Kaley Warner Klemp. It "was really instrumental in helping me with some of the things that you don't learn from sort of a textbook, around how to lead a company, how to navigate adversity, how to be the kind of person other people want to follow," he said.
