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midastouch017

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midastouch017

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Wednesday, 11/02/2005 4:10:05 PM

Wednesday, November 02, 2005 4:10:05 PM

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STMicroelectronics closes Israeli development center

The French company is laying off 41 employees. The center was founded when STMicroelectronics acquired Tioga in 2003.

Ofer Levi and Gali Weinreb 2 Nov 05 19:09

STMicroelectronics (NYSE: STM) is about to close down its development center in Israel, and lay off its 41 employees. The French company is the sixth largest semiconductor in the world. Some of the employees will be offered work in the company’s overseas offices.
STMicroelectronics founded its Israeli development center when it acquired the technology of start-up Tikcro Technologies (formerly Tioga Technologies) in 2003 for $30 million. Orckit Communications (Nasdaq: ORCT; TASE: ORCT) founded Tioga in 2000. The development center has cost STMicroelectronics heavy losses since the acquisition.

Published by Globes [online] - www.globes.co.il - on November 2, 2005

Dubi

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