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ST-NXP Wireless restructures, plans 500 job cuts

Posted: 10 Nov 2008 ?? ?Print Version ?Bookmark and Share

Keywords:ST-NXP restructuring? R&D? job cut?

Considering the current market outlook, ST-NXP Wireless, the joint venture between STMicroelectronics and NXP Semiconductors, is taking necessary action to adapt its R&D resources and cost structure to the new business conditions in the industry.

To rationalize its product portfolio and development efforts, ST-NXP Wireless announced plans to reduce its global workforce by about 500 people, including subcontractors, from the current total of more than 7,500 people.

This headcount reduction and the progressive termination of transitional services purchased from its non-consolidating parent are targeting, under an accelerated timeline, the approximately $250 million of cost savings anticipated at the time of the merger's announcement. Restructuring charges are anticipated in the range of $50 million, mostly accrued in ST-NXP Wireless and ST's consolidated balance sheet at the end of September 2008.

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