TI workforce to be cut
Texas Instruments is to cut 12% of its workforce, following an announcement that its Q4 net income dropped 86% year on year to $107million.
The US’ second largest chip manufacturer blames the recession and reduced demand for mobile phone chips, resulting in around 1800 jobs to be axed and a further 1600 offered voluntary retirements. The jobs at risk will be primarily internal support functions and non core product lines.
TI’s restructuring program is planned to save the company around $700m a year, but will cost $300m to implement.
