Wolfspeed cuts over 100 positions, vast majority located in North Carolina

DURHAM, N.C. (WTVD) -- Tech company Wolfspeed Inc. announced Thursday it will cut positions across the company with a majority of them located in North Carolina.

A company spokesperson said Wolfspeed notified employees that 180 positions were eliminated out of the 4,100 globally. A vast majority of these positions impacted are located in NC.

"This move is part of our previously announced focus on operational efficiencies, lower manufacturing costs and stricter cash management, as discussed on our Q2 earnings call. This supports our overall strategy to optimize our manufacturing footprint to better align with customer demand and deliver leaner, more cost-efficient operations," the company said in a news release.

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Wolfspeed also said it provided an update to its' employees on efforts to improve the profitability of the company absent additional loans or federal funding.

"Changes to our workforce are not something we take lightly," the company said. "We believe these actions will continue to strengthen the company's financial foundation and enable us to deliver a much stronger future for all of our stakeholders."

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