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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Engel who wrote (50677)	3/17/1998 10:07:00 AM
From: Burt Masnick	Read Replies (1) \| Respond to of 186894

Story this morning on Intel Fab 9. Sounds like major push in Flash Memory this year. Also sounds like Intel is being pretty decent to the employees who are being "excessed". Burt -- More than 200 Intel employees will have to transfer out of New Mexico because of the computer chip company's $1 billion restructuring program, officials said. Intel officials also said Monday an additional 84 employees could lose their jobs as a result of the restructuring of the plant's Fab 9 site. Intel currently employs about 6,500 people at its plant in Rio Rancho. The company announced the restructuring plan last month, and company officials said Monday they know they will have an excess of 573 workers when the expansion is completed in September. ''We weren't sure what the number (of affected employees) would be until we finished our plans for the site (Fab 9),'' said Pauline Barnes, human resources manager for the plant. Intel is spending $1 billion to install new flash-memory chip technology at Fab 9 -- which will be called Fab 19 as part of the upgrade. So far, Intel has been able to keep 489 of the displaced workers by moving 211 to new jobs at Intel sites in Oregon, Arizona and California and by keeping 278 workers at Rio Rancho, Barnes said. Barnes said 84 workers have not yet been placed, but at least 15 have job offers to stay within Intel in other jobs. ''We still don't know what the final number is exactly because there's a chance there could be other openings in the company that become available,'' she said. Barnes said those employees who are not placed into new jobs at Intel will have three options. --They can take a four-month ''redeployment'' package during which they stay on the company payroll with full benefits while looking for another job. --They can accept a severance package that includes four months of salary in a lump sum, along with separation pay based on the number of years with Intel. --Employees can accept a scholarship offered by Intel to earn an associates degree in electronics. Under that package, workers would also get two months' pay as well as separation pay. The remaining affected employees must decide by the end of May or beginning of June which option to accept, Intel officials said.