ProMOS to lay off 80% of workforce; sell fab; become design house
ProMOS of Taiwan, which has run up debts of nearly $2bn, is to lay off 1,360 employees out of a total number of 1,700 under an order from a Hsinchu district court obtained by creditors.
ProMOS was originally founded from the combination of Mosel and Vitelic and then entered into a joint venture with Infineon which came to an acrimonious and litigious end.
However recently it has been operating as a DRAM foundry. DRAM prices have been very weak recently.
The company will now sell off its 12 inch fab in the science park at Taichung and become an IC design house.
The company posted a loss of $650m last year.