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Intel Plans To Turn Foundry Business Into Subsidiary, Allow For Outside Funding
Intel shares surged 8% after announcing plans to make its foundry business an independent unit with its own board and potential for outside capital, part of CEO Pat Gelsinger's strategy to restructure the company amid financial challenges. The company is also exploring the possibility of spinning of...
Intel shares surged 8% after announcing plans to make its foundry business an independent unit with its own board and potential for outside capital, part of CEO Pat Gelsinger's strategy to restructure the company amid financial challenges. Beyond just considering outside funding, Intel is weighing whether to spin off the foundry business, possibly into a separate publicly traded company, according to a person with knowledge of the matter who declined to be named in order to discuss confidential information. [...] Intel will also pause its fabrication efforts in Poland and Germany "by approximately two years based on anticipated market demand," Gelsinger said, and pull back on its plans for its Malaysian factory.
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