Texas Instruments to shed 3,400 jobs

[OhioChick]

Source: Economic Times India

27 Jan 2009, 0421 hrs IST, AGENCIES


DALLAS: Texas Instruments Inc, which makes chips for cell phones and other gadgets, said Monday that it will cut 3,400 jobs because demand has slackened amid a slowing economy.

The company said it will cut 12 percent of its work force — 1,800 jobs through layoffs and another 1,600 jobs through voluntary retirements and departures. Between those and another round of job cuts announced in October, the company expects annual savings of $700 million.

The job cuts will be completed by the third quarter.

"We are realigning our expenses with a global economy that continues to weaken," said Rich Templeton, chairman and chief executive, in a statement. "By reducing expenses now, we keep TI financially strong and able to invest for future growth."

The announcement came as the chip maker reported sharp declines in fourth-quarter profit and revenue.




Read more: http://economictimes.indiatimes.com/articleshow/4034531.cms

[RUMMYisFROSTED]

1. Doesn't sound good at all.

[Sultana]

2. What the fuck is going on w/ all these job losses this Monday?

:(

Shit ain't looking good.

[yourout]

3. All these layoffs are going to cascade into reduced demand and even more layoffs.

The cascade has begun.

[Azlady]

4. OMG - what was the total for Monday Lay offs then