Dallas (TX) – Texas Instruments announced yesterday it will be cutting 3,400 of its global workforce (about 12%), due to a weakened economy and falling profits of $1.92 billion in 2008, which is 27% less than in 2007. Q4 alone saw an 86% dip in profits, down to $107 million.
The company will ask for 1,600 voluntary retirements or departures, along with 1,800 actual layoffs. Along with previous restructuring efforts related to its wireless business, the company expects to save $700 million annually with the reductions.
CEO Rich Templeton said, “We are realigning our expenses with a global economy that continues to weaken. By reducing expenses now, we keep TI financially strong and able to invest for future growth.”
See the original AFP article republished on Physorg.com.