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

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.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.