Intel’s CEO said it would deliver $10 billion in cost savings by 2025. Plans to sell the Folsom site come after 272 employees were notified of layoffs last month.
FOLSOM, Calif. — Intel Corp. is selling its Folsom campus, the company said Sunday.
The semiconductor company will lease back only the space it needs at the site along Prairie City Road as part of a cost-effective strategy, Intel said in a statement.
“We are shifting our global real estate strategy to focus on fewer, more populated locations and eliminate underutilized space,” the company said. “This approach will foster greater in-person collaboration at our largest sites while also delivering cost savings for the company. We are exploring more cost-effective space usage options for Intel’s Folsom site, including a partial lease back of our current space.”
“These are the most difficult decisions we ever make, and we are treating people with care and respect,” the company said in a statement …