Intel to cut up to 20% of factory workers, The Oregonian reports

Intel’s (INTC) manufacturing VP says the company plans to cut 15%-20% of factory staff from July “to meet our affordability challenges and current financial position,” Mike Rogoway of The Oregonian reports. “These are difficult actions but essential to meet our affordability challenges and current financial position of the company. It drives pain to every individual,” Intel manufacturing Vice President Naga Chandrasekaran wrote to employees in a memo. Intel declined to comment on the memo but reiterated that the company would “treat people with care and respect as we complete this important work… We are making these decisions based on careful consideration of what’s needed to position our business for the future.”