Seeking Alpha

As expected, STMicroelectronics (STM) and Ericsson (ERIC) plan to close ST-Ericsson after...

As expected, STMicroelectronics (STM) and Ericsson (ERIC) plan to close ST-Ericsson after failing to find a buyer for the loss-making mobile-chip joint venture. Ericsson will retain 1,800 workers and a suite of thin 4G mobile chips, while STMicro will keep 950 employees and other products. The rest of the staff will lose their jobs. The shutdown will cost STMicro $350-450M, less than a prior forecast of $500M. Ericsson had already made a provision of 3.3B Swedish kroners ($515.7M) in 2012. (PR)
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|