TI to cut 1,700 jobs
Texas Instruments is to cut around 1,700 jobs worldwide as it looks to move away from the volatile mobile market.
The chip maker plans to re-target its OMAP product line at the embedded systems market, away from smartphones and tablets.
"These job reductions are something we do with a heavy heart because they impact people we care deeply about," said Greg Delagi, head of TI's embedded processor division.
The company, which has 35,000 employees around the world, expects annual savings of about $450million by the end of 2013 as a result of the layoffs.
The news comes after Freescale announced it is to cut its workforce by 5%.
