TI Lops 12 Percent Of Employees

Dallas-based Texas Instruments said Monday afternoon that it will cut 12 percent of its employees, as the firm joins the ranks of firms reacting to a slow economy. According to TI, the cuts include 1800 layoffs and 1600 voluntary retirements and departures. The layoffs were announced in conjunction with TI's fourth quarter results, where the semiconductor maker reported revenues of $2.49 billion. According to TI, the reductions will result in a charge of $300M. The layoffs are the second at the firm in recent months, including layoffs announced in October focused on the firm's wireless business.