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.

The layoffs will affect its Fab 4 facility in Gresham, Oregon; Fab 5 facility in Colorado Springs, Colorado; and its backend manufacturing site in the Philippines.