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Comms chips

ST-Ericsson Revamps, Cuts 1,700 Jobs

GENEVA -- ST-Ericsson - the 50/50 joint venture owned by Ericsson (NASDAQ:ERIC) and STMicroelectronics (NYSE:STM) - announced today the guidelines of its new strategic direction. Within the company's new strategic direction it has signed an agreement to transfer its stand-alone application processor R&D activities to STMicroelectronics, and to take additional measures to accelerate time-to-market and lower the breakeven point.

"ST-Ericsson's strategic shift is a key step in ensuring that the company can reach sustainable profitability and cash generation. With the focus on ModAps for smartphones and tablets it will allow device manufacturers to rapidly bring best-of-breed devices to the market," said Hans Vestberg, president and CEO of Ericsson and Chairman of ST-Ericsson Board of Directors.

ST-Ericsson

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