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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
02/27/201703:05:35Ericsson at MWC 2017: Pioneering 5G and Business Transformation
02/27/201702:20:04Ericsson empowers the future of transport with Connected Vehicle...
02/27/201702:20:04Ericsson empowers the future of transport with Connected Vehicle...
02/27/201702:00:00Ericsson, Qualcomm and Vodafone Trial 5G New Radio for Unified...
02/26/201708:00:18Batelco selects Ericsson for mobile network enhancement
02/26/201705:00:00Telstra, Ericsson and Qualcomm Collaborate to Accelerate 5G NR...
02/26/201704:00:20Ericsson brings power of cloud to network management with 'as...
02/24/201706:04:00Ericsson and Panasonic Join Forces to Deliver Smart, Sustainable...
02/24/201706:00:07Ericsson and Panasonic Join Forces to Deliver Smart, Sustainable...
02/24/201705:07:48Ericsson and WeDo Technologies partner in business assurance
02/24/201704:00:32Ericsson and BT put 5G to work in real-world applications
02/24/201702:30:26Ericsson successfully launches Euro corporate bonds
02/24/201702:00:27Invitation to Ericsson's Annual General Meeting 2017
02/23/201706:00:05Ericsson puts value of 5G, IoT and digital transformation front...
02/22/201710:00:27Sprint and Ericsson to demonstrate live high-speed Gigabit-Class...
02/21/201709:00:06Ericsson and Intel Launch 5G Innovators Initiative with Honeywell...
02/21/201707:00:19Ericsson tapped by Verizon Enterprise Solutions to provide enabling...
02/20/201702:00:26Ericsson partners with iQIYI and China Unicom to improve iQiYi...
02/15/201712:00:32Ericsson hits 5G milestone with expanded portfolio
02/15/201708:59:00World's First 5G Federated Network Slicing Grants Global Reach

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