ST slashes 4500 jobs, halves capex in $700M savings plan

Deffree, Suzanne
February 2009
Electronic News (10616624);2/2/2009, Vol. 55 Issue 5, p3
Trade Publication
The article reports on the elimination of 4,500 jobs in STMicroelectronics Inc. and will divide its capital expenditures in $700 million savings plan. These moves resulted to the 2008 fourth quarter (Q4) economic activity marking a decrease on the global economic downturn, with December quarter revenues of $2.28 billion declined by 15.6% sequentially and 17% year-over-year. Moreover, the company plans for Q1 revenues between $1.5 billion to $1.85 billion to reduce inventory levels.


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