Intel CEO to Propose Major Asset Sales and Cost Cuts

Plan aims to revamp capital spending and shed non-essential businesses to revive financial performance.

Intel CEO Pat Gelsinger will present the plan to the board in mid-September.
The proposal includes selling the programmable chip unit Altera, acquired for $16.7 billion in 2015.
The company may halt its $32 billion German factory project to reduce capital expenditures.
Intel has separated its foundry and design businesses to protect client technology secrets.
Financial advisors Morgan Stanley and Goldman Sachs are assisting Intel with the strategic review.