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Electronics Production | May 17, 2005

STMicroelectronics axe 3000

STMicroelectronics announced additional restructuring efforts to recover profitability, after the disappointing results of first quarter 2005. Within this challenging environment, ST has previously announced a series of wide-ranging initiatives aimed at improving the Company’s competitiveness and financial performance through accelerated innovation, a reduction of costs, and the broadening of its customer base.
In addition to the prior measures, the Company is announcing new initiatives which will bring the cumulative reduction of its workforce outside Asia to a total of 3,000 people by mid-2006. This number combines some already-announced, ongoing actions, as well as the consequences of further restructuring and streamlining measures. From these new measures, the company anticipates additional savings of $90 million per year, at completion of the plan. Restructuring charges are estimated to be between $100 and $130 million.

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