Intel Corp. announces the reduction of more than 500 jobs in Oregon, contributing to a larger layoff plan aimed at cutting 20% of its workforce. This move is part of the company's strategy to become 'leaner and more efficient' under CEO Lip-Bu Tan as it seeks to regain competitive advantage in the semiconductor industry.

More than 500 employees of the Intel Corporation in Oregon will be laid off, the tech giant announced Tuesday.

While the changes are happening at four locations, the cuts will largely affect software and hardware engineers, developers and managers at the company’s Jones Farm Campus.