Franco-Italian electronics firm to slash 430 jobs
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Franco-Italian semiconductor manufacturer STMicroelectronics said Wednesday it was stopping development of new TV set-top decoders. Some 430 jobs in France are expected to be eliminated through voluntary departures.
The move will also lead to the elimination of a further 800 jobs elsewhere.
"This difficult decision is consistent with our strategy to only participate in sustainable businesses and is due to the significant losses posted by our set-top box business over the past years in an increasingly challenging market," chief executive Carlo Bozotti said in a statement.
About 600 staff in the division would be redeployed to digital automotive and other units.
At the same time STMicro said its net profit fell 20 percent last year to 96 million euros while sales slid seven percent to seven billion euros.
The company's shares jumped more than six percent in early trading on the Paris stock exchange, while the CAC-40 index was down 0.4 percent overall.
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