EE Times Europe
11/06/2008 5:32 PM
ST-NXP Wireless, the wireless chip group formed six months ago by STMicroelectronics and NXP has announced plans to cut its workforce by 500 and to take a $50 million restructuring charge.
The company says that "with today's market outlook appearing quite different than it did just a few months ago, ST-NXP Wireless is taking necessary action to adapt its R&D resources and cost structure to the new business conditions in the industry."
The product portfolio and anticipated development efforts of the combined company are being "rationalized".
ST–NXP says the job losses will be from both full time staff and subcontractors. Currently the combined group employs 7,500 people.