Texas Instruments to cut 1,100 jobs worldwide
SAN FRANCISCO (REUTERS) - Texas Instruments (TI) Inc plans to cut 1,100 jobs in the United States (US), Japan and India, or about 3 per cent of its global workforce, in a corporate restructuring to save US$130 million (S$166 million) by the end of 2014.
The US chipmaker, which in 2012 announced it would lay off 1,700 people as it wound down its mobile processor business, said on Tuesday it wanted to reduce expenses in its embedded-processing division and in Japan.
"Technology markets mature from time to time and you have to rebalance where you spend your money," chief financial officer Kevin March said in an interview. "In the case of Japan, the size of the market there has been declining for a number of years."
Cuts to TI's embedded business are centred mostly on products that have seen slow growth, he said. The job cuts in Japan will include sales and customer support.