Franco-Italian semiconductor manufacturer STMicroelectronics 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," chief executive Carlo Bozotti said in a statement.
About 600 staff in the division would be redeployed to digital automotive and other units. Some 430 jobs in France are expected to be eliminated through voluntary departures.
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