DALLAS — Semiconductor maker Texas Instruments said it will close a plant in Santa Cruz, Calif., cutting 600 jobs as part of what the company said was a previously discussed cost reduction program.
The company’s Santa Cruz plant manufactures semiconductors used in computer hard-disk drives. Texas Instruments said the plant will be closed in phases through 2001, with manufacturing to be consolidated primarily in the company’s existing plants in Dallas and Houston.
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In a company statement, Texas Instruments said laid off employees will receive a comprehensive severance package that will include separation pay, extended insurance benefits and job-search assistance. The company also said it will establish an outplacement center on site through the duration of the phase-out, with professional consultants to counsel employees and assist them in locating new jobs.
Shares of Texas instruments on Wednesday closed down $1.30, or nearly 4 percent, at $31.51.
