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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
03/25/201505:06:36Ericsson launches 5G collaborations with King's College London...
03/24/201517:12:45Court Hears Challenge to Safe Harbor Data Deal
03/24/201516:25:18Court Hears Challenge to Safe Harbor Data Deal
03/16/201516:21:40Ericsson to Buy IT Service Business in China
03/16/201509:00:51Ericsson acquires telecom IT services business in China
03/11/201515:25:25Ericsson to Cut 2,200 Jobs -- Update
03/11/201506:35:25Ericsson to Cut 2,200 Swedish Jobs to Improve Profitability
03/11/201505:15:37Next step in global Cost and Efficiency program
03/10/201503:01:31ERICSSON'S ANNUAL GENERAL MEETING 2015
03/06/201508:01:40Ericsson publishes Annual Report for 2014
03/04/201518:25:23FCC Recommends Switch for Phone Number Portability Database...
03/04/201508:01:11Vodafone Netherlands and Ericsson implement indoor picocell
03/04/201505:06:20Ericsson embarks on joint 5G research with KT
03/04/201503:45:41Ericsson and Telefonica extend succesful co-operation for Network...
03/03/201508:06:00Ooredoo And Ericsson Launch M2M Platform In Indonesia
03/03/201508:00:00Ericsson and ABB partner to transform data center infrastructure
03/03/201505:00:31Ericsson selected as managed services partner for Orange operations...
03/03/201504:00:26Ericsson introduces industrialized data-centric security
03/03/201503:30:27China Mobile and Ericsson have successfully completed LTE-Advanced...
03/03/201503:00:45Ericsson, Telecom Italia and 3 Italia test green energy solution...

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