Advertisement

HindustanTimes Wed,20 Aug 2014

IT-BPOs

Ericsson, STMicro to cut 1,600 jobs
AP
Stockholm, March 19, 2013
First Published: 21:40 IST(19/3/2013)
Last Updated: 21:41 IST(19/3/2013)

Swedish wireless equipment maker Ericsson and Switzerland’s STMicroelec–tronics say they will lay off up to 1,600 workers globally as part of a plan for splitting up their unprofitable joint venture.

STMicroelectronics announced in December that it wanted out of ST-Ericsson as it struggled with a downturn in global demand. The two companies said on Monday they had agreed to end the joint venture.

Ericsson said it will take on the joint venture’s “thin modem” products, designed for smartphones and tablets while STMicroelectronics will deal with other existing products.


Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved