BOISE, Idaho — Micron Technology plans to reduce its workforce by more than previously announced, the company's corporate public relations manager confirmed Friday.
Micron, a semiconductor manufacturer based in Boise, announced in late December that it would take actions in response to a weakened market outlook for the 2023 calendar year. The announced actions included reducing its "global headcount" by 10% through layoffs and voluntary departures. Micron now expects workforce reductions to approach 15%, corporate public relations manager Tate Tran said in an email to KTVB.
Tran said the revised figure is a result "of our effort to align programs, projects, timelines and roadmaps to market conditions." Other Micron efforts to reduce its expenses for 2023 include cutting capital expenditures, suspending stock buybacks, reducing executive salaries and suspending fiscal-year 2023 bonuses companywide.
Exactly how many people at Micron's Boise headquarters will be laid off remains unclear. Some organizations and regions will see higher workforce cuts and some will see a lower rate of cuts than the company average, Tran said. Also, the workforce reductions will include expected attrition through the end of 2023.
In its SEC filing for the company's 2022 fiscal year, Micron reported a total workforce of about 48,000 team members across 38 sites in North America, Europe and Asia. According to the Idaho Department of Labor, Micron employed more than 5,000 people in Idaho as of November 2021.
Two of Micron's major products are DRAM and NAND computer memory. In an investors conference call on Dec. 21, 2022, following the release of first-quarter results for its 2023 fiscal year, Micron CEO Sanjay Mehrotra said "the industry is experiencing the most severe imbalance between supply and demand in both DRAM and NAND in the last 13 years," and that prices for those products had deteriorated significantly in late 2022.
Mehrotra said Micron expects strong demand growth in the longer term.
Watch more Local News:
See the latest news from around the Treasure Valley and the Gem State in our YouTube playlist: