"We are making hard but necessary decisions to streamline the organization," writes the tech giant's CEO in a memo to employees.

Intel CEO Lip-Bu Tan announces 15% job cuts and cancels expansion plans as the company refocuses on core products, cost control, and execution.

COLUMBUS, Ohio (WSYX) — Intel is cutting projects and slowing construction in Ohio as the company slashes chip factory investments.

Intel said Thursday it has mostly completed plans it announced last quarter to cut 15% of its workforce, as the struggling chipmaker attempts a turnaround.

Intel shares sank 8% on Friday after the company warned of exiting chip manufacturing if it fails to secure a major customer, a potentially drastic move by the new CEO to cut spending and revive the struggling American icon.

Intel has already shifted its Edge business into its Client Computing Group (CCG), while its NEX unit was dismantled, with its networking elements integrated into both CCG and Data Center and Artificial Intelligence group (DCAI). The NEX unit had previously been floated as a potential divestiture.