Ericsson, STMicroelectronics to end joint venture

STOCKHOLM (AP) — Swedish wireless equipment maker Ericsson and Switzerland’s STMicroelectronics say they will lay off up to 1,600 workers globally as part of a plan for splitting up their unprofitable joint venture.

STMicroelectronics, one of Europe’s largest chipmakers, announced in December that it wanted out of ST-Ericsson as it struggled with a downturn in global demand. After months of talks the two companies said Monday they had agreed to end the joint venture.