Over the ST-Ericsson delay in strategy announcement yesterday, the company has finally made announcement that comes up something like this: moving the application processor business to STM and also cutting 1,700 jobs. Chief executive Didier Lamouche said: “We need both cost reduction, and also a revenue increase.” Lamouche said 1,700 job cuts would include several hundred of staff which will be transferred to STMicro.
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