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ST-Ericsson To Transfer R&D Unit To STMicroelectronics

STOCKHOLM -(Dow Jones)- Wireless chipset maker ST-Ericsson said Monday it will transfer its application processor research and development unit to STMicroelectronics as part of a new strategy. As a result of the transfer, ST-Ericsson said its total workforce will be reduced by 1,700 employees, including those that will transfer to STMicroelectronics. Additionally, ST-Ericsson said its new strategy will bring about annual cost savings of $320 million, by the end of 2013, while restructuring costs are estimated at between $130 million and $150 million. ST-Ericsson is a joint venture created from the merger of the wireless chipset operations of Sweden's Ericsson (ERIC) and semiconductor maker STMicroelectronics N.V. (STM). Largely focused on the shrinking market for cheaper low-end cell phones, Geneva-based ST-Ericsson has struggled to become profitable since it was formed in 2009. At 1431 GMT, shares in Ericsson traded 4.1% lower at SEK61.85, in line with the 4.1% drop for the broader OMX Nordic 40 index. -By Sven Grundberg, Dow Jones Newswires; +46-8-5451-3098; [email protected]

Stock News for Lm Ericsson Telephone Company Ads (ERIC)
DateTimeHeadline
01/18/201708:00:36Invitation to press and analyst briefings for Ericsson Q4 and...
01/16/201723:30:00Ericsson and Cisco to Overhaul Network of Vodafone Hutchison...
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01/16/201704:29:00Ericsson-Cisco Partnership Gets Vodafone Hutchison Australia...
01/16/201704:00:32Ericsson and Cisco to virtualize Vodafone Hutchison Australia's...
01/16/201702:30:04Börje Ekholm takes office as President and CEO
01/12/201713:00:34Ericsson and China Mobile sign strategic agreement to cooperate...
01/05/201704:00:34Ericsson and Cisco extend strategic partnership to include new...
01/04/201712:30:19T-Mobile and Ericsson first in North America to demonstrate nearly...
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01/03/201717:00:00Consortium of Leading Automotive and Telecom Companies Host 3GPP...
12/21/201602:00:31Telstra selects Ericsson's Small Cell Solutions
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12/16/201610:00:00U.S. Cellular and Ericsson achieve 9Gbps during 5G trials
12/13/201616:29:16Save the Date: Ericsson's media and analyst briefing at Mobile...
12/09/201611:00:00Ericsson ouvre un troisième centre mondial de technologies de...
12/09/201611:00:00Ericsson Opens Third Global ICT Center; 20,000 Square Meter Facility...
12/09/201606:00:00/R E P R I S E -- Invitation aux médias - Centre mondial des...
12/09/201606:00:00/R E P E A T -- Invitation to the media - Ericsson Global ICT...
12/08/201607:00:00Invitation aux médias - Centre mondial des TIC d'Ericsson...

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