Marvell to lay off dozens of employees in Israel

In depth

Chipmaker Marvell is laying off dozens of employees at its development centers in Petah Tikva and Yokneam, out of about 500 employed there. The layoffs affect one of the company's engineering teams in Israel. Source: Marvell Israel said the move is a one-off and not a global wave of cuts. It described the layoffs as affecting a "limited portion" of the employees. The company said: "We are committed to continuing to expand our development center activities in Israel."

The layoffs come amid a wave of cuts at large high-tech companies. Unlike similar cuts at other international companies, the decision here is one-off and does not concern the company as a whole. Marvell's activity in Israel is based on several companies it acquired in the past.

Earlier this month, Marvell announced its acquisition of Lumentum for $11.5 billion. The company recently lost about half of its market value on the stock exchange. The cuts in Israel are taking place in parallel with the company's growth worldwide.