Arizona-based Microchips announced it's laying off about 2,000 employees, including employees at its Gresham, Oregon facility.

Microchip said Monday the 2,000 layoffs will save $80 million to $90 million on an annual basis. In addition to Oregon and Colorado Springs, Microchip will lay off workers at a factory in the Philippines and 10% of its office workers.

But in a presentation to investment analysts, CEO Steve Sanghi said Microchip was "doing a slightly smaller layoff" at Gresham while maintaining rotating, two-week time-off periods for workers for two more quarters.

Microchip Technology plans to cut 2,000 jobs, about 9% of its workforce, due to declining automotive demand. The restructuring will cost $30-$40 million, with expected annual savings of $90-$100 million from operations and additional $25 million from employment cuts.