STMicroelectronics Announces Restructuring Program
STMicroelectronics NV, a multinational semiconductor company, has announced a restructuring program aimed at reshaping its manufacturing footprint and resizing its global cost base.
Key Objectives of the Program
- Reshape manufacturing footprint
- Resize global cost base
Company Plans
The company plans to upgrade its manufacturing capabilities through automation and AI. This will involve the implementation of new technologies to improve efficiency and productivity.
Workforce Reduction
STMicroelectronics expects to reduce its workforce through voluntary departures and natural attrition. The exact number of job cuts is not specified.
Timeline
The workforce reduction is expected to occur mainly in 2026 and 2027.
Company Stock Price
Despite the restructuring program, the company’s stock price has shown a slight increase.
Government Support
The French government has expressed support for the company’s CEO, Jean-Marc Chery, amidst allegations of insider trading.