Cuts at the chip giant: Marvell Israel lays off dozens of employees

Marvell is laying off dozens of employees in Israel, out of about 500 workers at its local development centers. This is a targeted reduction in one engineering team, not a general wave of cuts. The company, traded at a valuation of $150 billion, recently announced the acquisition of Lumantum for $115 billion.

The American chip company Marvell is laying off dozens of employees in Israel, out of about 500 workers it employs at local development centers. This is a targeted decision concerning one of the engineering teams operating in Israel, not part of a general wave of cuts across the company. Marvell's operations in Israel are divided between development centers in Petah Tikva and Yokneam, and are based on local companies acquired over the years. The global development activities at Marvell are managed by Israeli CTO Noam Mizrahi. Marvell specializes in connectivity chips for data centers, and just at the beginning of the month announced a massive deal to acquire Lumantum for $115 billion. The company's market value on Wall Street stands at about $150 billion, after dropping from $280 billion last June. Marvell stated that this is a reduction of positions in one engineering team, and that the company is committed to continuing to expand its operations in Israel.