Europe's largest chipmaker, STMicroelectronics NV, says it plans to exit
its money-losing joint venture ST-Ericsson, as it struggles to manage a
downturn in global demand.
Swiss-based STMicroelectronics says it is
negotiating "exit options" from ST-Ericsson, its joint venture with
Swedish telecommunications company Ericsson. It says "this disengagement
process has started, with the transition expected to end" during next
year's third quarter.
The semiconductor manufacturer, based in Geneva, announced the plans as part of a new strategic plan Monday. A global economic downturn has hurt sales at companies that make semiconductors for phones and other devices.
President and CEO Carlo Bozotti said STMicroelectronics would "continue to support ST-Ericsson" as part of its supply chain and technology partner.
Swiss-based STMicroelectronics says it is
negotiating "exit options" from ST-Ericsson, its joint venture with
Swedish telecommunications company Ericsson. It says "this disengagement
process has started, with the transition expected to end" during next
year's third quarter.The semiconductor manufacturer, based in Geneva, announced the plans as part of a new strategic plan Monday. A global economic downturn has hurt sales at companies that make semiconductors for phones and other devices.
President and CEO Carlo Bozotti said STMicroelectronics would "continue to support ST-Ericsson" as part of its supply chain and technology partner.
No comments:
Post a Comment
Fell free to post your comments!