Microchip Technology is reducing its workforce across manufacturing and corporate operations by about 2,000 as the embattled chip maker looks to cut costs amid declining sales.

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.

Microchip Technology will lay off 2,000 workers, including at its facilities in Gresham, Colorado and the Philippines, it said in a filing Monday. News broke Friday of the Arizona-based semiconductor manufacturer's layoff plans. Monday's filing revealed the overall number of job cuts, although it did not break them down by location.

Microchip Technology said on Monday it will cut around 2,000 jobs, or about 9% of its workforce, as the chipmaker restructures its business to combat slowing demand from automakers. The company expects to incur between $30 million and $40 million of costs related to the layoffs, consisting of cash severance and related restructuring expenses.

Microchip Technology will announce layoffs of factory workers Monday at its plants in Oregon and Colorado as the chipmaker responds to plunging sales.