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Texas Instruments this afternoon said it plans to cut 1,700 jobs worldwide as part of a cost reduction plan intended to focus the company?s wireless business on embedded markets.
TI previously disclosed plans to focus its OMAP processor business on embedded application rather than the mobile device market.
?These job reductions are something we do with a heavy heart because they impact people we care deeply about,? Texas Instruments senior VP of embedded processing Greg Delagi said in a statement. ?We will work closely with all employees affected by these changes to provide a range of assistance related to compensation, benefits and job search.?
The company expects the cuts to result in annualized savings of $450 million by the end of 2013. The plan will result in $325 million of charges, most of that in the current quarter.
TXN in late trading is up a penny at $28.77.
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