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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
09/21/201603:00:19Ericsson and Grundfos enable simplified access to drinking water...
09/20/201610:30:28Ericsson appoints Ulf Ewaldsson as head of strategy and technology
09/14/201613:40:00Qualcomm Follows Ericsson's Lead in Joint Patent Licensing
09/14/201613:16:00Qualcomm Follows Ericsson's Lead in Joint Patent Licensing
09/13/201603:00:48Ericsson strengthens portfolio with new solutions to bridge the...
09/09/201604:00:23Ericsson has developed extensions for Proximus' TV anywhere services
09/08/201603:00:12Ericsson partners with UKTV to deliver the UK's first virtualized...
09/07/201604:33:47T-Mobile Netherlands selects Ericsson to power new OTT TV service...
09/06/201603:00:33MLB Network and Ericsson in multi-year agreement
08/31/201603:00:22Ericsson first to deliver 5G NR radio
08/30/201609:00:05Cable & Wireless partners with Ericsson and Cisco to enhance...
08/25/201603:22:00Handelsbanken Sells Entire 6.8% Stake in Industrivarden
08/05/201606:10:00EU Bid to Protect Telecom Companies From Chinese Rivals Floundering
08/05/201605:42:00EU Bid to Protect Telecom Companies From Chinese Rivals Floundering
07/26/201603:04:00Ericsson Forces Out CEO Amid a Slowdown in Demand -- WSJ
07/25/201618:21:00ADRs End Lower; Philips Rises
07/25/201612:12:00Ericsson Chief Departs After Profit Plunge -- 2nd Update
07/25/201611:09:00Correction to Ericsson Chief Departs After Profit Plunge Update
07/25/201611:06:00Ericsson Chief Departs After Profit Plunge -- Second Update
07/25/201611:06:00Correction to Ericsson Chief Departs After Profit Plunge Update

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