PARIS - Semiconductor manufacturer STMicroelectronics (IW 1000/549) said Wednesday it was halting development of new TV set-top decoders, a step which will lead to the elimination of around 1,400 jobs.
"This difficult decision is consistent with our strategy to only participate in sustainable businesses and is due to the significant losses posted by our set-top box business over the past years in an increasingly challenging market," CEO Carlo Bozotti said in a statement.
About 600 staff in the division will be redeployed to digital automotive and other units.
Some 430 jobs in France are expected to be eliminated through voluntary departures.
At the same time the company said its net profit fell 20% last year to $104 million (96 million euros), while sales slid 7% to $6.9 billion.
Copyright Agence France-Presse, 2016
