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January 27, 2009

TI to shed 3,400 jobs by September

(Continued)



“It is a broad economic slowdown in which consumer consumption has dramatically weakened and likely will weaken further,” he told analysts on a conference call. “We are planning for a weaker economic environment that could be around for a while.”

The latest round of job cuts will span TI’s worldwide operations, Slaymaker said in an interview. Most will take effect by the end of March.

The company employed about 29,500 people at the end of last year, including 11,700 in Texas. It had 3,100 employees throughout Europe and 2,300 in Japan.

The cuts will result in charges of about $300 million.

In 2008, TI earned $1.92 billion, or $1.45 per share, compared with $2.66 billion, or $1.84 per share, in 2007. Revenue slid 9.6 percent to $12.5 billion from $13.84 billion.

TI said it abandoned efforts announced in October to sell part of a unit that makes chips for cell phones. Kevin March, chief financial officer, told analysts it was “more financially worthwhile” to keep the business.

The results were released after markets closed. During regular trading, the shares fell 22 cents to $14.77. In aftermarket activity, they climbed 73 cents, or 4.9 percent, to $15.50.

The chip industry is suffering a sharp drop in demand. Intel Corp. said last week that it would cut up to 6,000 manufacturing jobs as it struggles with souring demand for personal computers.

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