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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
06/20/201610:29:00Ericsson Employees Summoned by Greek Authorities in Probe
06/20/201604:11:38Stockholm tops Ericsson Networked Society City Index 2016
06/20/201603:03:00Business Watch -- WSJ
06/19/201620:50:00Ericsson Employees Summoned by Greek Authorities
06/19/201612:00:00Ericsson Employees Summoned by Greek Authorities in Probe
06/19/201608:00:18Greek investigation into contract from 1999
06/17/201607:10:00Ericsson Confirms U.S. Anticorruption Probe
06/17/201606:58:00Ericsson Confirms U.S. Anticorruption Probe
06/17/201605:00:15Ericsson comments on recent media reports on questions concerning...
06/16/201603:01:01Ericsson launches 5G Plug-Ins to equip today's networks for 5G
06/13/201605:42:00Ericsson Gets $1 Billion Software Deal From VimpelCom
06/13/201604:30:00VimpelCom and Ericsson enter software partnership worth over...
06/07/201608:00:00Technology, Public Safety, and Telecommunication Leaders Unite...
06/01/201611:28:00L'Internet des objets remplacera les téléphones cellulaires d...
06/01/201611:23:00Internet of Things to overtake mobile phones by 2018: Ericsson...
06/01/201602:31:13Internet of Things to overtake mobile phones by 2018: Ericsson...
05/31/201602:01:49Increase in the total number of shares and votes in Telefonaktiebolaget...
05/30/201619:00:33Ericsson launches MediaFirst Video Delivery at Broadcast Asia...
05/26/201604:00:33Ericsson chosen by KT Skylife for UHDTV expansion
05/23/201603:00:27du selects Ericsson as IT managed services partner

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