Intel Plans Sale of Folsom Campus Amid Layoffs

Intel has announced plans to sell its Folsom campus as part of a broader strategy to achieve $10 billion in cost savings by 2025, which includes laying off 15,000 employees, or 15% of its workforce. The company will retain a portion of the campus through leaseback agreements to maintain operations at the site, which currently employs around 5,000 workers. This decision follows the recent layoff of 272 employees and a series of cutbacks at the facility, where Intel has laid off approximately 750 workers in 2023 alone. The sale is part of Intel's initiative to streamline operations, reduce unused space, and enhance collaboration at more populated locations. Additionally, while Intel downsizes, other tech companies like Bosch and Samsung are expanding operations in the Sacramento area, indicating a shifting landscape in the semiconductor industry. Intel's stock performance remains a concern, having dropped significantly since the year 2000, prompting the need for these changes to improve its financial health.