Texas Instrument to close plants in Houston, Japan
(AP) -- Texas Instruments plans to close computer-chip factories in Houston and Japan in a cost-cutting move that will lay off about 1,000 workers.
The company announced the cutbacks Monday in its fourth-quarter earnings report. The results topped analyst estimates.
The layoffs represent about 3 percent of the 34,800 workers that Texas Instruments employed as of Sept. 30.
Closing the factories in Texas and Hiji, Japan, will save Texas Instruments about $100 million annually. The closures are scheduled to occur within the next 18 months.
Texas Instruments will absorb $215 million in charges to pay for the closures. About $112 million of that amount was recorded in the fourth quarter. The remainder will be scattered through 2013.
Both of the plants have been operating for more than 30 years.
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