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Intel (NASDAQ:INTC) confirmed plans to spin off its networking and communications business as a standalone company.
Intel (NASDAQ:INTC) has begun the process of identifying strategic investors for the business, a spokesman confirmed to CNBC on Friday.
“We plan to establish key elements of our Networking and Communications business as a stand-alone company and we have begun the process of identifying strategic investors,” an Intel spokesperson told CNBC. “Like Altera, we will remain an anchor investor enabling us to benefit from future upside as we position the business for future growth.
News of the spinoff was earlier reported by CRN.
Intel on Thursday said it’s planning to cut 15% of jobs and will end the year with a global headcount of ~75,000 as a part of sweeping restructuring under new CEO Lip-Bu Tan.
Shares of Intel (INTC) sunk 9% on Friday as the semiconductor firm continues to find its footing in foundry while losing market share to rivals such as AMD (AMD).