by William White | September 13, 2013 11:43 am
Intel (INTC), announced on Thursday, that it will be closing its Hudson, Mass. factory and laying off 700 workers.
Intel plans to close the plant by the end of 2014. The company is hoping to sell the plant to another technology company that could use it to make chips. The plant manufactures older generation chips that don’t yield as much profit as microprocessors used in computers. The plant mostly makes chips for low-end applications, such as automotive entertainment systems and factory automation equipment. Intel would have to build a facility twice the size of the Hudson plant to bring it up to date. Intel will normally build new plants alongside old ones, but the lack of open real estate near the Hudson plant made closing it the better option. The closing of the factory will not affect the research and development facility in Hudson, which employees close to 850 employees, reports The Boston Globe.
“You can bet they’re going to maximize their investment,” Christopher Sandini, Hudson Interim Executive Assistant, told The Metrowest Daily News. “We hope they get something in there of a similar nature. The town will help them in any way we can to get them replaced with another business.”
Source URL: http://investorplace.com/2013/09/intel-closing-plant-laying-off-700-workers/
Short URL: http://invstplc.com/1fpm7Hu
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.