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Micron slashes 5% of workforce

Micron is taking steps to reduce its workforce by around 5%.

The 1,500 jobs will be cut by attrition, voluntary retirement and sackings. According to Micron, the cuts will be made between now and August 2014, and will not come from among the employees acquired along with Elpida. Speaking during an analyst meeting, Micron's ceo Mark Durcan said the years in which companies poured money into production capacity and got little in return were gone, "in part because governments are no longer propping up memory makers". "The industry has consolidated and it has been painful," he added. "This industry has fundamentally changed."