Feeds

STMicro cuts 2001 budget

Warns of wafer plant closure

  • alert
  • submit to reddit

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. ®

Related Stories

ST Micro more than doubles Q4 profits
Chip champs chomp bitter pill

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?