Thursday, March 13, 2003
To return its semiconductor division to profitability by the fourth quarter of 2003, Philips Electronics plans to close a fab and focus on its core business.
The restructure plan should cut quarterly semiconductor research and development spending, excluding the mobile display business, to $264 million by the fourth quarter, saving $210 million per year, Philips said.
Philips will close its fab in San Antonio, Texas. Combined with the previously announced closure of its Albuquerque, New Mexico, fab. Both closure will eliminate a total of 1,600 jobs.
By: DocMemory
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