European manufacturer of chips dismiss 4500 persons.

KommentariiVseobschaya optimizatsiya22.01.2009IT companies began publishing financial crisis otchetyFrantsuzsko-Italian company STMicroelectronics, producing various semiconductor products, plans to dismiss 4,5 thousand people, representing ten percent of the state, reported AFP.
Dismissals due to the economic crisis and the fall in demand for products of STMicroelectronics. In addition, the company will close its three factories in the U.S. and Morocco. It is expected that this will enable STMicroelectronics to save $ 700 million a year.
In 2008, STMicroelectronics has lost 786 million dollars. Annual revenues of the company fell by 1.6 percent and amounted to 9,84 billion dollars. In the last quarter of 2008 revenues STMicroelectronics fell by 17 per cent.
Representatives of STMicroelectronics believe that because of the economic crisis, the market of semiconductors in 2009 will decline by more than a quarter. They also stressed that in the first quarter of 2009 due to low demand plants STMicroelectronics will be loaded only half.
Previously announced to reduce the state and other chip manufacturers. For example, Texas Instruments plans to cut 3400 people. Intel will close five of its factories and dismiss at least five thousand employees. Over four thousand people laid off from IBM.