Chip maker ST-Ericsson said on Thursday it plans to cut around 600 jobs worldwide as part of a move to save $115 million a year.
The joint venture between Swedish wireless equipment firm LM Ericsson AB and Swiss chipmaker STMicroelectronics said it will "conduct a global work force review." It said it will announce further details of the layoffs and which countries will be affected after it has been in contact with the related unions. The savings will add to a previous savings program announced in July.
To reach the annual savings target ST-Ericsson will also reduce operating expenses and introduce an efficiency program within its research and development operations.
ST-Ericsson was formed as a joint venture between Ericsson and STMicroelectronics in February 2009 with main headquarters in Geneva.