Microchip Technology announced on December 2nd local time that the company plans to close its factory in Tempe, Arizona in the September 2025 season. The company's CEO, President, and Chairman of the Board, Steve Sanghi, expects this to save approximately $90 million in cash annually. The company expects its revenue for December 2024 to be close to the lower end of its initial guidance, which was $1.025 billion.