Monday, January 26, 2009 may earn the name Black Monday as over 40,000 people were told they were losing their jobs as several large corporations cut labor forces in an increasingly weak economy. Global technology company Texas Instruments was one of those companies, cutting 1,800 workers and 1,600 jobs that will be vacated by voluntary retirement.
Most of the jobs will come from internal support functions according to TI chairman, president, and CEO Rich Templeton.
TI’s most recent success has been in display markets with their DLP technology. After fixing a problem with first generation DLP chips called the rainbow effect, a situation where the red, blue, and green color components would separate on the screen, sales took off, leading to $753 million in income for the fourth quarter of 2007. A weakening economy has led to slow sales of luxury devices like HDTVs and projectors, leaving TI with income of $107 million—a staggering 86 percent reduction in income for the fourth quarter of 2008. Templeton says that the cuts will allow TI to shift funds to developing and supporting analog and embedded processing products. It seems no industry is immune to the current economic climate.
From [NY Times]
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