As part of new restructuring plans towards shifting away from the dwindling PC market, Intel plans to lay off  12,000 of her employees globally. The

Intel set to lay off 12,000 staff in new restructuring plans

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As part of new restructuring plans towards shifting away from the dwindling PC market, Intel plans to lay off 12,000 of her employees globally. The process will be gradual, though most of the sack will happen in the next 60 days. Intel hopes to complete the numbers by mid-2017. The 12,000 represents about 11% of the company’s total workforce.

SANTA CLARA, CA - JULY 20: A sign is posted at the Intel company headquarters on July 20, 2011 in Santa Clara, California. Intel will report their quarterly earnings today after the market closes. (Photo by Justin Sullivan/Getty Images)

In a press release HERE:

Intel Corporation today announced a restructuring initiative to accelerate its evolution from a PC company to one that powers the cloud and billions of smart, connected computing devices…

The data center and Internet of Things (IoT) businesses are Intel’s primary growth engines, with memory and field programmable gate arrays (FPGAs) accelerating these opportunities – fueling a virtuous cycle of growth for the company. These growth businesses delivered $2.2 billion in revenue growth last year, and made up 40 percent of revenue and the majority of operating profit, which largely offset the decline in the PC market segment.

…through this comprehensive initiative, the company plans to increase investments in its data center, IoT, memory and connectivity businesses, as well as growing client segments such as 2-in-1s, gaming and home gateways.

These changes will result in the reduction of up to 12,000 positions globally — approximately 11 percent of employees — by mid-2017 through site consolidations worldwide, a combination of voluntary and involuntary departures, and a re-evaluation of programs. The majority of these actions will be communicated to affected employees over the next 60 days with some actions spanning in to 2017.

The layoffs are expected to save Intel $750 million annually, which will amount to $1.4 billion by mid 2017.

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