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Freescale Cuts Facilities

Austin-based Freescale Semiconductor said Wednesday that it will eliminate a Japanese fabrication facility, and is looking to close its Toulouse, France, facility, as the firm continued to see a decrease in its revenues. The two manufacturing plant cuts come on top of employment cuts related to the firm's effort to sell its cellular handset business. According to Freescale, the firm is looking to save approximately $700M in annual costs from its cuts, which it said is expects to complete by December 31st. Freescale said it had net sales for Q1 of $840M, down from $1.41 billion in the first quarter of 2008, and down from $940M in Q4 of 2008.