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TEXAS INSTRUMENTS TO CUT WORK FORCE.

Byline: Associated Press

Texas Instruments is eliminating 3,500 jobs worldwide due to the weak semiconductor market, which has been battered by lower prices from Asian competitors and reduced demand for computer memory chips.

Texas Instruments said Thursday the jobs would be cut as part of a broad restructuring that includes the sale of its memory chip business to Micron Technology for a combination of Micron stock and debt totaling approximately $800 million.

TI said the jobs - about 8 percent of its payroll - would be pared through layoffs as well as attrition. It did not say how many would be trimmed in the United States.

Prices for semiconductors have fallen sharply in the past year.

Asian competitors, particularly from South Korea, have been sharply cutting prices to weather the economic damage in their countries, stealing business from TI, Motorola and others.
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Date:Jun 19, 1998
Words:141
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