Texas Instruments set to lay off or buyout thousands of workers.
Wired PR News.com – Texas Instruments plans to cut 3,400 jobs as a cost cutting measure attributed to a decrease in product demand, as reported by the Dallas Morning News. The company will reportedly lay off 1,800 of their employees and seek to buyout another 1,600. Texas Instruments stock prices saw an increase following the announcement.
The job cuts will lead to a 12 percent decrease in the company’s workforce. The company’s CEO, Rich Templeton is quoted in the Dallas Morning News report as stating, “Most of the reductions will come in our internal support functions and non-core product lines so that a greater percentage of the dollars we spend will go directly toward developing and supporting analog and embedded processing products.” Templeton is further quoted as stating, “We are not counting on a near-term economic rebound for improvement. The actions we are taking to reduce expenses and inventory will position TI to deliver solid financial results, even in a period of prolonged economic weakness.”
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