LayoffBlog.com

January 29, 2009

STMicroelectronics to cut 4,500 jobs worldwide

STMicroelectronics (NYSE:STM) is “targeting to reduce our costs by over $700 million in 2009 in respect to the Company’s fourth quarter 2008 cost base. The actions are a combination of the ongoing restructuring initiatives and new programs that are focused on resizing the Company’s manufacturing operations and streamlining expenses, and are expected to affect about 4,500 net jobs worldwide in 2009.”, according to the company’s Report, 4Q 2008

3 Comments »

  1. The semiconductor industry is in a phase of restructuring. The fabless model permits them to split up and reorganize giant conglomerates to create synergies in future giant market leading companies. Employees will pay the price for the reorganization. This is just the beginning of a revolution of this industry that will see a giant fallout over the next 5 years.

    Comment by myphotoscout — January 29, 2009 @ 11:15 pm | Reply

  2. myphotoscout, I am not a specialist, but for me it looks more like stagnation, rather than ‘restructuring’ in semiconductors. Those in SF Bay Area who are working in this field and who I know well, tell me that their companies are spending investors money for years and years, still trying to produce something revolutionary in the industry.

    Comment by DF — January 29, 2009 @ 11:39 pm | Reply

  3. semiconductor industry is very bad now

    all cutting jobs

    Chartered Semi – 600 http://retrenchment-blog.breaking.sg/2009/01/chartered-semi-to-cut-600-jobs-after-record-quarterly-loss/
    NEC – 20000 http://retrenchment-blog.breaking.sg/2009/01/nec-to-cut-20000-jobs-worldwide/

    Comment by Steve — January 30, 2009 @ 5:10 am | Reply


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