Latest news with #Republic100
Yahoo
06-03-2025
- Business
- Yahoo
Microchip Tempe plant to close soon, with more than 300 layoffs expected. What we know
Microchip Technology Inc. will close its Tempe semiconductor wafer manufacturing facility in May, the company announced in a filing with the U.S. Securities and Exchange Commission. The Chandler-based company had announced plans to close the facility in December but said in a March filing that the closure will be several months earlier than previously expected. The facility, located at 1200 S. 52nd Street in Tempe, and equipment from the plant are available for sale. The company did not specify why the closure was accelerated. According to an investor presentation in February, the company's revenue for the quarter was about $1.03 billion, a decline of nearly 12% quarter-over-quarter and nearly 42% year-over-year. Net debt increased by $33.6 million, but over the past 26 quarters, the company cumulatively paid down $6 billion in debt. According to the presentation, the company saw $7.6 billion in fiscal year 2024 net sales. Microchip filed a notice with the state of Arizona on March 3 announcing intent to lay off 330 people from the Tempe facility. When the company announced the closure in December, the plant was not planned to close until September. The closure of the plant will save the company about $90 million annually, company officials said in the filing. In addition to shuttering the Tempe facility, the company is reducing its workforce nationally and internationally. The company plans to lay off a total of 2,000 workers, including workers at facilities in Oregon, Colorado and the Philippines. Microchip plans to notify the employees in March and fully implement the layoffs by June. Microchip was the 74th-largest nongovernmental employer in Arizona in 2024, according to the Republic 100 list of largest businesses. According to the data, Microchip employed 2,333 people in 2024 in Arizona. Reach Corina Vanek at cvanek@ Follow her on X, formerly Twitter: @CorinaVanek. This article originally appeared on Arizona Republic: Microchip to close Arizona facility in May, lay off more than 300
Yahoo
06-02-2025
- Business
- Yahoo
Honeywell splits into 3 companies; aerospace headquarters to stay in Phoenix
Honeywell Aerospace will become a separate company with its headquarters still in Phoenix, officials confirmed after details of its parent company's breakup were announced Thursday morning. Honeywell International Inc. planned to spin off its aerospace and automation technologies, the company said. The industrial conglomerate already had announced it would spin off its advanced materials arm. The moves would create three separate companies. Honeywell International Inc. has 7,111 employees in Arizona, according to The Arizona Republic's Republic 100 data of the largest employers in the state, making it the 25th largest employer here. The company plans to complete the separation by the second half of 2026, and it will be done in a manner that is tax-free to Honeywell shareholders, Vimal Kapur, chairman and CEO announced. Each of the three companies would be publicly listed. "The formation of three independent, industry-leading companies builds on the powerful foundation we have created, positioning each to pursue tailored growth strategies, and unlock significant value for shareholders and customers," Kapur said in a statement. "Our simplification of Honeywell has rapidly advanced over the past year, and we will continue to shape our portfolio to create further shareholder value. We have a rich pipeline of strategic bolt-on acquisition targets, and we plan to continue deploying capital to further enhance each business as we prepare them to become leading, independent public companies," he added. Honeywell Aerospace creates technology used in commercial and defense aircraft, including propulsion, cockpit and navigation systems and auxiliary power systems. According to Honeywell, it had $15 billion in revenue in 2024. The spinoff could create future job opportunities for employees as the individual companies grow, a company representative said. This is a developing story. Check back here for updates. Reach the reporter at cvanek@ Follow her on X, formerly Twitter: @CorinaVanek. This article originally appeared on Arizona Republic: Honeywell to split into 3 companies with Phoenix aerospace HQ to stay
