[link to www.wfaa.com]

DALLAS — Texas Instruments announced Wednesday it plans to eliminate 1,700 jobs worldwide as part of a cost-cutting program.

The Dallas-based technology giant said in a statement that it will also divert investments from its wireless component business to focus on "embedded applications" with longer life cycles than the rapidly-evolving mobile market.
TI said the changes would save about $450 million by the end of 2013.

"These job reductions are something we do with a heavy heart because they impact people we care deeply about," said Greg Delagi, TI's senior vice president of embedded processing, in a written statement. "We will work closely with all employees affected by these changes to provide a range of assistance related to compensation, benefits and job search."