Wolfspeed Announces Workforce Reductions, Primarily Affecting North Carolina
DURHAM, N.C. (WTVD) — Tech company Wolfspeed Inc. revealed on Thursday that it will cut positions across the company, with the majority of those affected located in North Carolina.
A company spokesperson confirmed that Wolfspeed notified employees of plans to eliminate 180 positions out of a global workforce of 4,100. A significant portion of these impacted positions are based in North Carolina.
“This move is part of our previously announced focus on operational efficiencies, lower manufacturing costs and stricter cash management, as discussed on our Q2 earnings call. This supports our overall strategy to optimize our manufacturing footprint to better align with customer demand and deliver leaner, more cost-efficient operations,” the company stated in a press release.
Wolfspeed also provided an update to its employees regarding efforts to improve the company’s profitability, absent additional loans or federal funding.
“Changes to our workforce are not something we take lightly,” the company acknowledged. “We believe these actions will continue to strengthen the company’s financial foundation and enable us to deliver a much stronger future for all of our stakeholders.”
