GlobalFoundries announces job cuts, hiring freeze

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GlobalFoundries is planning to reduce its workforce.

The company operates its Fab 8 computer chip factory in Malta.

The news of a workforce reduction comes despite the company reporting record earnings last week.

“Like many in our industry and across the technology sector, we too, are initiating a hiring freeze and taking a set of focused actions to selectively reduce our workforce,” the company said in a statement shared with NewsChannel 13.

It’s not clear if any jobs at the Malta plant would be affected.

However, a source tells NewsChannel 13 there was a meeting there on Monday, and employees were told that the layoffs would be coming by Dec. 1.

The company is seeking some of the $52 billion Federal Chips Act to expand domestic chip manufacturing.