ST's situation 'worse than expected'
STMicroelectronic's financial situation is "worse than expected", the directors and managers of the Malta plant learned yesterday. Sources said around 50 officials of the Kirkop plant yesterday morning watched a live video conference of ST president...
STMicroelectronic's financial situation is "worse than expected", the directors and managers of the Malta plant learned yesterday.
Sources said around 50 officials of the Kirkop plant yesterday morning watched a live video conference of ST president and chief executive officer Carlo Bozzetti in a question and answer session with a journalist in Italy. The chipmaker giant's top management traditionally addresses its overseas arms after its annual results are announced.
According to sources, the officials looked shocked as they walked out of the video conference after learning that the group's situation was "precarious". Malta was mentioned in the 'interview' with Bozzetti but no figures on job cuts were announced.
The Franco-Italian group last week announced fourth quarter losses of $366 million and plans to cut 4,500 jobs worldwide this year.
The Sunday Times last week revealed the Malta plant is to shed 1,200 workers, 60 per cent of its workforce, over the next few years.
The General Workers Union held a meeting with company officials at 2 p.m. yesterday.
Sources said around 50 officials of the Kirkop plant yesterday morning watched a live video conference of ST president and chief executive officer Carlo Bozzetti in a question and answer session with a journalist in Italy. The chipmaker giant's top management traditionally addresses its overseas arms after its annual results are announced.
According to sources, the officials looked shocked as they walked out of the video conference after learning that the group's situation was "precarious". Malta was mentioned in the 'interview' with Bozzetti but no figures on job cuts were announced.
The Franco-Italian group last week announced fourth quarter losses of $366 million and plans to cut 4,500 jobs worldwide this year.
The Sunday Times last week revealed the Malta plant is to shed 1,200 workers, 60 per cent of its workforce, over the next few years.
The General Workers Union held a meeting with company officials at 2 p.m. yesterday.