ST-NXP Wireless Adjusts to Changed Business Conditions and Accelerates Efforts to Capture Identified Synergies
With today's market outlook appearing quite different than it did just a few months ago, ST-NXP Wireless 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 today announced the plan to reduce its global workforce by about 500 people, including subcontractors, from the current total of more than 7500 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.
About ST-NXP Wireless
ST-NXP Wireless is a global leader in semiconductors for wireless communications, offering leading-edge solutions for cellular modems, multimedia, and connectivity. Created from the wireless businesses of STMicroelectronics and NXP, we offer our customers one of the broadest and most complete portfolios of products, solutions and IP for mobile communications. ST-NXP Wireless is 80% owned by STMicroelectronics and 20% owned by NXP and is present in 24 countries worldwide. For more information please visit our website at www.stnwireless.com.
|
Related News
- EnOcean accelerates its growth and breadth of energy-saving solutions through the acquisition of the assets of the edge computing solutions business from Renesas
- Intrinsic ID Taps Former Arm Executive to Lead Business Development Efforts as Need for Embedded Security Soars
- Hon Hai acquires arQana's Wireless Telecommunications Business
- Synaptics to Acquire Rights to Broadcom's Wireless IoT Connectivity Business
- Silicon Labs to Expand Leading IoT Wireless Platform with Acquisition of Redpine Signals' Connectivity Business
Breaking News
- JEDEC Updates JESD79-5C DDR5 SDRAM Standard: Elevating Performance and Security for Next-Gen Technologies
- Alphawave Semi: FY 2023 and 2024 YTD Trading Update and Notice of Results
- Silvaco Announces Expanded Partnership with Micron Technology
- U.S. Subsidy for TSMC Has AI Chips, Tech Leadership in Sight
- Zhuhai Chuangfeixin: OTP IP Based on 90nm CMOS Image Sensor Process Technology Successfully Mass Production
Most Popular
- Semiconductor Capacity Is Up, But Mind the Talent Gap
- Microchip Technology Acquires Neuronix AI Labs
- CMC Microsystems and AIoT Canada Sign Memorandum of Understanding to support IoT and semiconductor ecosystem growth in Canada
- Brazil and Europe sign innovative project with RISC-V technology for HPC
- Alphawave Semi - Q4 2023 Trading and Business Update
E-mail This Article | Printer-Friendly Page |