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Republican Senator Rick Scott asked Intel (NASDAQ:INTCApple Inc. plans to cut more than 15,000 jobs despite a planned $20 billion in federal funding, Reuters reported, citing a letter to Gelsinger.
The funding from the U.S. Department of Commerce aims to boost the semiconductor manufacturing sector. He expressed concerns about whether taxpayer money was being allocated effectively.
Scott questioned whether the funding plan failed to “include real measures that would protect taxpayer dollars from going to companies that cannot meet the high standards of U.S. manufacturing and job creation.” Show.
Intel (INTC) said earlier that it plans to cut thousands of jobs to cut costs and help fund a turnaround plan.
Scott asked for specific details on how many U.S. employees would be affected by the layoffs and how these job cuts might affect Intel’s planned investments in semiconductor production.
“What is Intel trying to achieve with these job cuts, and why haven’t billions of dollars in investment from American taxpayers been enough to avoid the need for layoffs?” Scott asked.
The expected funding, which includes $8.5 billion in grants and up to $11 billion in loans, is expected to create about 10,000 manufacturing jobs and 20,000 construction jobs in states including Arizona, New Mexico, Ohio and Oregon. The grant agreement has not yet been finalized.
Intel Corporation (INTC) Stock Down 1.12% to $19.39 Thursday during pre-market trading hours.