Technology
Intel Restructuring Takes Employee National Morale Day to Costa Rica
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Intel Corp. (NASDAQ: INTC) is taking our version of Employee National Morale Day south of the United States, to Costa Rica to be precise. Shortly before the closing bell, Intel announced that it would be transforming its operations in Costa Rica. Transforming brings layoffs – some 1,500 of them.
After holding meetings with the Government of Costa Rica and the Investment Promotion Agency, Intel confirmed today that it will transform its operations in Costa Rica. As part of its global strategy, the company will relocate its assembly and test operation to Asia, where these activities will be concentrated.
Intel’s said that its Global Services Center and its Engineering and Design Center will remain in their current location in Belen, Heredia. The company further said that these two operations will gain relevance in research and development related activities.
The semiconductor and processor giant said that the decision in Costa Rica is on top of other changes recently made by the company in other locations as well, as a part of strategy shift in the last year. Intel even said that its restructuring process has been showing gradual impact in all of its global operations as it seeks to optimize its efficiency and adapt to new market conditions and competition in the technology sector.
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As a reminder, Intel announced on Monday that it would be changing how it reports its segment operations as well. These changes will be to break down the revenues into the following groups:
Pacific Crest just issued an Outperform rating with a high price target, but that call was not tied to the news regarding Costa Rica. Intel shares rose by 1.6% to $26.91 on Tuesday against a 52-week range of $20.80 to $27.12.
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