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Texas Instruments to Cut 1,700 Jobs in Wireless Division
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Texas Instruments has announced that it is cutting about 1,700 jobs worldwide as it seeks to reduce costs and focus investments in its Wireless business on embedded markets
Texas Instruments previously outlined intentions to focus its OMAP processors and wireless connectivity solutions on a broader set of embedded applications with long life cycles, instead of its historical focus on the mobile market where large customers are increasingly developing their own custom chips.
The company said that these changes require fewer resources and less investment.
"We have a great opportunity to reshape our OMAP processor and wireless connectivity product lines to concentrate on embedded markets. Momentum is already building with new embedded applications and a broad set of customers, and we are accelerating our efforts in these areas," said Greg Delagi, senior vice president of Embedded Processing. "These job reductions are something we do with a heavy heart because they impact people we care deeply about. We will work closely with all employees affected by these changes to provide a range of assistance related to compensation, benefits and job search."
As a result of these actions, the company expects annualized savings of about US$450 million by the end of 2013. Total charges will be about US$325 million, most of which will be accounted for in the current quarter. TI's fourth-quarter outlook, published last month did not comprehend these restructuring charges.
Tags: [texas instruments]
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