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TI To Chop 500 In Houston

Dallas-based Texas Instruments, the developer of semiconductors, is cutting 500 jobs in Stafford, as the company said it would be closing the semiconductor manufacturing plant by the end of the year. Texas Instruments said Monday that it would be shutting down two plants, including both the plant just outside of Houston, as well as another factory in Japan. The firm said that the move will cut 1000 jobs worldwide over the next 18 months. According to reports from KPRC, 500 of those jobs are in the Houston area. In a statement, Texas Instruments said the cuts represent 3 percent of its employment. The firm said the restructuring charges for the shutdown are estimated to be about $215M.