ST-Ericsson aims at improved financial performance, competitive cost structure and accelerated portfolio execution
ST-Ericsson today announced its proposed plan to further improve financial performance and increase its competitiveness in the market. This plan follows the reorganization announcement made in July this year.
The company is now targeting additional annualized savings of $115 million. These savings are expected to come from reductions in operating expenses and spending, along with an extensive R&D efficiency program. As part of this effort, the company will also conduct a global workforce review which may affect up to an additional 600 employees worldwide.
Specific country impact related to this proposed plan and further details will be provided when employee representatives have been involved where required.
ST-Ericsson is a world leader in developing and delivering a complete portfolio of innovative mobile platforms and cutting-edge wireless semiconductor solutions across the broad spectrum of mobile technologies. The company is a leading supplier to the top handset manufacturers and ST-Ericsson’s products and technologies enable more than half of all phones in use today. The company generated pro-forma sales of about USD 3.6 billion in 2008. ST-Ericsson was established as a 50/50 joint venture by STMicroelectronics (NYSE:STM) and Ericsson (NASDAQ:ERIC) in February 2009, with headquarters in Geneva, Switzerland.
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