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Globalfoundries has disclosed plans to cut 5% of its global workforce, or about 900 employees, with the layoff to take place mainly in Europe and the US.

The planned layoff is to enhance the company's cost structure, said Globalfoundries, adding that redundancy of the staff due to its previous acquisitions is another reason encouraging the company to streamline its operations.

While cutting down its workforce for improved cost structure, no major cuts have been made to the company's advanced technology projects, Globalfoundries indicated. Advanced node manufacturing at Globalfoundries' Fab 8 in Malta, New York and the ramp-up of its 7nm chip output remain on schedule, the company said.

In addition, Globalfoundries reiterated the company's investment plan in China under which the foundry will gain local government support to build a 12-inch wafer plant in Chengdu. Construction of the plant is being proceeded as scheduled, with the construction of the phase-one facilities set to complete by the end of 2018, the company indicated.

Globalfoundries' layoff will not have any impact on the company's plant and sales office in China. China is an important market, said the company, adding that any changes to its joint venture agreement with the Chengdu municipality will also require a compromise with the Chengdu city government.

Globalfoundries previously denied industry rumors indicating the company is looking for a strategic partner or buyer to transfer the ownership of its Chengdu plant. The speculation started to circulated when Globalfoundries named a new CEO in March 2018.

Globalfoundries in May 2017 disclosed the company would join forces with the Chengdu municipality to build a FD-SOI ecosystem locally with a total investment of more than US$100 million. Earlier in the year, Globalfoundries announced plans to build a new 12-inch wafer plant in Chengdu.

Globalfoundries appointed Thomas Caulfield as its new CEO effective March 9, 2018 to replace Sanjay Jha, who had led Globalfoundries as CEO since 2014. Caulfield was previously general manager of Fab 8.