Chipmaker Intel, which employs around 5,000 people in the Republic, has said it is to suspend share buybacks and warned that the coronavirus pandemic could have a material impact on its business, even as its factories remain operational.
The suspension of buybacks would not impact dividend payments, Intel said in a filing.
Intel in October 2019 said it would repurchase $20 billion worth of shares over the next 15 to 18 months. The company bought back about $7.6 billion in shares in the fourth and the first quarter.
Intel’s decision follows measures by big companies including AT&T and Boeing , which last week announced similar plans, citing coronavirus concerns.
The chipmaker, which first established operations in Ireland over 30 years ago, received planning permission for a new €3.6 billion manufacturing facility at its campus in Leixlip, Co. Kildare last November.
- Reuters
