(MENAFN) Texas Instruments (TI) unveiled plans to slash 1,700 jobs, as it shrinks its mobile processor business to focus on chips for more profitable markets like cars and home appliances, Reuters reported.
The job cuts are equivalent to nearly 5 percent of the semiconductors maker's global workforce. The company said it expects annualized savings of around USD450 million by the end of 2013 from the move.
In September, the company said it would halt expensive investments in the increasingly competitive smartphone and tablet chip business.
TI has been struggling as it lost market share to rival Qualcomm Inc. To make things worse, leading smartphone makers Apple Inc and Samsung Electronics Co Ltd have been developing their own chips instead of buying them from suppliers like TI.
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