STMicroelectronics Considers Workforce Cuts Amid Restructuring
STMicroelectronics, the French-Italian semiconductor manufacturer, is reportedly exploring job cuts affecting up to 6% of its workforce, or 3,000 employees, in its French and Italian facilities.
According to Bloomberg News, the company is contemplating these measures as part of a restructuring program to reduce costs by $300 million. A spokesperson for ST declined to confirm specific numbers but acknowledged plans for workforce reductions through voluntary agreements with unions.
STMicroelectronics employs approximately 50,000 individuals globally. The company's key markets, automotive and industrial, have experienced a sustained downturn, prompting ST to announce restructuring plans in November 2023.
As part of this strategy, ST intends to shift production from legacy facilities to more advanced sites in Crolles, France, and Agrate, Italy.