Mobile baseband chipmaker ST-Ericsson (STM, ERIC), trying to end its heavy losses as it...

|By:, SA News Editor

Mobile baseband chipmaker ST-Ericsson (STM, ERIC), trying to end its heavy losses as it struggles to compete with Qualcomm and others, is announcing a major restructuring program. The JV plans to slash 1,700 jobs and will outsource app processor R&D to 50% owner STMicroelectronics, while offering "complete system solutions" through partnerships. Restructuring costs are pegged at $130M-$150M, and annual cost savings at $320M.