DALLAS-Texas Instruments Inc. announced plans to eliminate about 3,500 jobs in a move expected to save the company $270 million annually.
The layoffs are part of a global restructuring that in part is a response to a weakening worldwide market for chips.
The company also announced a definitive agreement to sell its semiconductor memory business to Micron Technology Inc. for a combination of common stock and assumption of debt totaling about $800 million. TI said the transaction “solidifies its position as a company focused on digital signal processing and analog semiconductors.”
In connection with the sale, TI said it will close its memory manufacturing operation based in Richardson, Texas. Micron will retain the facility for future capacity, pending a market upturn, said the company.
The transaction is expected to close during the second half of the year.
