Microchip to Close Tempe Plant, Affecting 500 Jobs Amid Sales Slump

Microchip Technology Inc., a manufacturer of semiconductor chips for automotive and consumer electronics, announced the closure of its facility in Tempe, Arizona, which will affect around 500 employees. The decision comes amid slower-than-expected orders, leading the company to lower its revenue forecast for the December quarter to near the low end of its previous estimate of approximately $1.03 billion.