Microchip filed a notice with the state of Arizona on March 3 announcing intent to lay off 330 people from the Tempe facility. When the company announced the closure in December, the plant was not planned to close until September. The closure of the plant will save the company about $90 million annually, company officials said in the filing.

Mutual of America Capital Management LLC reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 3.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC).

Microchip will also cease operations at its Arizona chip fab in May, affecting around 500 employees. While the company had previously announced that decision in December 2024, its May closure is ahead of the initial timeline that had been outlined. The Verdict reported that the Arizona facility and its equipment have already been listed for sale.

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