* Sees savings from lower op expenses, efficiency programme
* Workforce review may mean up to 600 jobs cut
STOCKHOLM Dec 3 (Reuters) - Cellphones chipmaker ST-Ericsson said on Thursday it would target additional annualised cost savings of $115 million and conduct a review of its global workforce that could mean up to 600 job cuts.
The joint venture of Sweden's Ericsson ERICb.ST and Franco-Italian chipmaker STMicroelectronics STM.PA announced the details of its savings plan in a statement following a reorganisation announcement made in July this year.
“These savings are expected to come from reductions in operating expenses and spending, along with an extensive R&D efficiency programme,” it said in the statement.
The firm, which competes with Qualcomm QCOM.O and Texas Instruments TXN.N, said in October it would break even on sales of $750 million to $800 million, but that a stronger euro was adding to difficulties in reaching that target.
It said then that a first phase of restructuring aimed at cutting $250 million from operating expenses was substantially completed at the end of the third quarter.
A second step announced in April to reduce a further $230 million of costs would boost results from around the start of 2010, it has said.
According to the company’s website, ST-Ericsson employs approximately 8,000 people worldwide, with more than 85 percent of its staff in R&D. (Editing by Hans Peters) ((Stockholm Newsroom, tel: +46-8-700 1017, e-mail: firstname.lastname@example.org))
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