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STMicro cuts 2001 budget

Warns of wafer plant closure

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STMicroelectronics has cut its budget for the year, while warning it will shut its wafer plant in Ottawa.

The French-Italian company said it would reduce its capital spending plans to $1.5 billion from $1.9 billion due to slowing demand in the chip market.

The Ottawa fab is expected to shut, with its production moved to other plants, by December. This will result in a one-off $30 million charge in the second quarter.

STMicroelectronics bought the Ottawa fab, which employs around 450 staff, from Nortel Networks last year. ®

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