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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
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
07/25/201607:40:00Ericsson Chief Departs After Profit Plunge
07/25/201604:21:00Ericsson Chief Departs After Profit Plunge -- Update
07/25/201603:10:00Ericsson Chief Departs After Profit Plunge
07/25/201602:00:22Ericsson's Vestberg steps down - search for new CEO initiated
07/21/201603:00:28UKTV extends broadcast services contract with Ericsson
07/19/201619:00:00ADRs End Lower; Ericsson Falls
07/19/201610:38:00Ericsson to Cut Costs Further After 24% Drop in Net Profit...
07/19/201604:14:00Ericsson to Cut Costs Further After 24% Drop in Net Profit --3rd...
07/19/201603:59:00Ericsson to Cut Costs Further After 24% Drop in Net Profit --2nd...
07/19/201603:40:00Ericsson to Cut Costs Further After 24% Drop in Net Profit
07/19/201603:16:00Ericsson to Cut Costs Further After 24% Drop in Net Profit --Update
07/19/201601:29:18Ericsson reports second quarter results 2016
07/08/201605:07:45Invitation to press and analyst briefings for Ericsson Q2 2016...
06/20/201610:29:00Ericsson Employees Summoned by Greek Authorities in Probe

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