Finance
STMicroelectronics may cut 2,000-3,000 jobs in France, Italy - Bloomberg News
Published by Global Banking and Finance Review
Posted on January 31, 2025
1 min readLast updated: January 26, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on January 31, 2025
1 min readLast updated: January 26, 2026
STMicroelectronics may cut up to 3,000 jobs in France and Italy as part of a $300 million restructuring plan, focusing on advanced facilities.
(Reuters) -French-Italian computer chip maker STMicroelectronics is considering cuts of up to 6% of its workforce or 3,000 workers in its French and Italian plants as part of a restructuring program, Bloomberg News reported on Friday, citing anonymous sources. A spokesperson for ST could not confirm the figures, but pointed to remarks CEO Jean-Marc Chery made at the company's fourth quarter earnings on Thursday, that the company would open talks with unions on voluntary headcount reductions as part of a $300 million cost cutting program.
The company, in which the French and Italian governments hold a 27.5% share, employs 50,000 people worldwide and has been facing a sustained downturn in its key markets, automotive and industrial.
ST first announced its restructuring plans in November, saying it will shift production away from older plants and smaller wafer sizes to focus on more advanced facilities in Crolles, France and Agrate, Italy.
(Reporting by Toby Sterling in Amsterdam, Nathan Vifflin in Gdansk; Editing by Toby Chopra and Philippa Fletcher)
STMicroelectronics is considering cuts of up to 3,000 workers, which is about 6% of its workforce.
The company is facing a sustained downturn in its key markets, particularly in the automotive and industrial sectors.
STMicroelectronics first announced its restructuring plans in November.
The company plans to shift production away from older plants and smaller wafer sizes to focus on more advanced facilities.
The French and Italian governments hold a 27.5% share in STMicroelectronics.
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