Ad
Ad
Ad
Ad
Ad
Electronics Production | May 04, 2009

ST-Ericsson to lay off 1200 worldwide

ST-Ericsson announced in their first fiscal report that it will start a restructuring plan, due to a weakening demand in the current declining market conditions.
"A restructuring plan is being launched for immediate execution and is due to be completed by the second quarter of 2010. This plan is incremental to the $250 million cost synergies program announced by ST-NXP Wireless in November 2008. Annualized savings of the new restructuring plan are expected to be approximately $230 million upon completion. Restructuring costs are estimated in the range of $70 - 90 million, of which the majority is expected to be recorded during the second quarter of 2009", says a statement of the company.

The restructuring plans sees two main focus areas: a re-alignment of product roadmaps and a reduction in workforce of 1,200 worldwide to reflect further integration activities following the merger, lower sales volumes and limited visibility on the timing of market recovery.

The first action is the closure of its Research Triangle Park operations in the USA. As many as 180 jobs could be lost, reports Trading Markets.

Comments

Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Ad
Ad
Load more news
September 15 2017 9:25 AM V8.7.1-1