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November 14, 2012
18:46 EDTTXNTexas Instruments to reduce costs in wireless business
Texas Instruments announced it will reduce costs and focus investments in its wireless business on embedded markets with greater potential for sustainable growth. Cost reductions include the elimination of about 1,700 jobs worldwide. TI previously outlined intentions to focus its OMAP processors and wireless connectivity solutions on a broader set of embedded applications with long life cycles, instead of its historical focus on the mobile market where large customers are increasingly developing their own custom chips. These changes require fewer resources and less investment. As a result of these actions, the company expects annualized savings of about $450M by the end of 2013. Total charges will be about $325M, most of which will be accounted for in the current quarter. TI's Q4 outlook, published on October 22, did not comprehend these restructuring charges.
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