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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; sven.grundberg@dowjones.com

Stock News for Lm Ericsson Telephone Company Ads (ERIC)
DateTimeHeadline
06/30/201503:00:47Ericsson to support Chunghwa Telecom's LTE expansion
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06/03/201508:00:00Ericsson Mobility Report: Canadian smartphone data usage to increase...
06/03/201503:30:19Ericsson Mobility Report: 70 percent of world's population using...
06/02/201502:29:45Ericsson Signs Seven-Year Playout Deal With BBC
06/02/201502:00:00BBC awards multi-year playout services deal to Ericsson
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05/25/201502:01:59Ericsson's Nomination Committee appointed
05/14/201503:17:00Ericsson Partners with Evergent to Deliver End-to-End Solutions...
05/14/201503:17:00Ericsson Partners with Evergent to Deliver End-to-End Solutions...

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