STMicroelectronics (STM) said Thursday it will overhaul its manufacturing network over the next three years, aiming to streamline operations and reduce costs significantly, with up to 2,800 voluntary staff departures expected globally.
The restructuring will emphasize investment in next-generation production, including 300mm silicon and 200mm silicon carbide technologies, while boosting automation and R&D capabilities, the company said.
STMicroelectronics also said it plans to expand capacity at its sites in Agrate in Italy, and Crolles in France, while adjusting roles and output at other locations such as Rousset and Tours in France, and Singapore to align with new technology priorities.
Cost reductions from the program are expected to reach the "high triple-digit million-dollar range" by the end of 2027, STMicroelectronics said.
Shares of the company were down more than 7% in recent Thursday premarket activity.
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