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ST-Ericsson to pass off application processor business to STM, cut 1,700 jobs
It's not every day that ST-Ericsson crosses our radar twice, but in addition to reportedly signing a deal with HTC for developing low-end handset chips, the company just announced its plans for a turnaround. The message? A heavier focus on SoCs for smartphones and tablets, along with a push for even more partnerships to develop those products. While that all sounds rosy, ST-Ericsson is also ceding its application processor business -- employees, R&D and all -- to STMicroelectronics. All told, between the loss of its application processor business and other reshuffling, the company expects to shed around 1,700 jobs -- and save about $320 million annually. Those bittersweet details and more await you in the press release after the break.
