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© ST-Ericsson Electronics Production | June 23, 2011

ST-Ericsson to lay off up to 500 in new savings plan

ST-Ericsson, a joint venture of STMicroelectronics and Ericsson, will launch a cost savings plan. The goal is to achieve about USD 120 million of annualized savings by the end of 2012. Measures may affect 500 staff worldwide.
“These actions while necessary to strengthen the financial position of the company, will not compromise the execution of our new products and delivery to our customers,” said Gilles Delfassy, president and CEO of ST-Ericsson. “We continue to gain traction on our new product portfolio and remain steadfastly committed to leadership in the smartphone and tablet markets.”

The cost savings plan includes a global workforce review that may affect up to 500 employees worldwide. Specific country impact related to the plan and further details will be provided when employee representatives have been involved where required. Restructuring costs are estimated to be approximately USD 55 million, of which the majority is expected to be recorded during the second half of 2011.

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