Texas Instruments cutting 1,700 wireless unit jobs
NEW YORK (AP) - Texas Instruments Inc. will eliminate about 1,700 jobs as it trims spending in its wireless business.
The Dallas-based chipmaker made the announcement Wednesday. The cuts will reduce TI staff positions by almost 5 percent.
Texas Instruments expects the job cuts and other changes will save about $450 million per year by the end of 2013. TI will take $325 million in one-time charges connected to the moves. Most will come in the current quarter.
The company is shifting the focus of its wireless investments to industrial and automotive customers and away from smartphones and tablets.
TI had nearly 35,000 employees at the end of 2011.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)