ST-Ericsson split costs 1,600 jobs
Tuesday 19 March 2013
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EmailSwedish hi-tech manufacturer Ericsson and Switzerland's STMicroelectronics said on Monday that they will sack up to 1,600 workers globally as they split up an unprofitable joint venture.
ST announced in December that it wanted out of ST-Ericsson as it faced a downturn in global demand.
After months of talks, Ericsson said it would take over the joint venture's products designed for smartphones and tablets while ST will deal with other existing products and related businesses.
The firms will split the remain 2,750 workers between them.
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