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Slideshow ST-Ericsson to cut 1,700 jobs, pass on key unit to STM Tweet Share this Email Print Related News ST-Ericsson delays strategy announcement to later Monday 3:26am EDT St Jude Medical offers weak outlook, shares drop Wed, Apr 18 2012 Intel revenue forecast beats, but stock falls Tue, Apr 17 2012 Mobile operators unconvinced by Nokia's revival bid Tue, Apr 17 2012 Sony CEO wields ax, sets turnaround targets Thu, Apr 12 2012 Analysis & Opinion Miami courts too slow – Rusedski Tennis, with strings attached Related Topics Tech » Media » Mon Apr 23, 2012 11:48am EDT (Reuters) - Loss-making chip maker ST-Ericsson will cut 1,700 jobs and shift a key part of its product to parent STMicro as it expands cost-cutting to offset declining business from feature-phone makers. ST-Ericsson, a 50-50 joint venture of Swedish group Ericsson and French company STMicroelectronics, has lost $2 billion in its three years of operation as revenues from key clients Nokia and Sony Ericsson have shrunk 70 percent. The venture said the new and old restructuring measures in total would bring savings of about $320 million when they were completed at the end of 2013. Restructuring costs will total $130-150 million. Chief executive Didier Lamouche said the company would need revenue to start growing to return to profit. "We need both, cost reduction, but also revenue increase," he told journalists. ST-Ericsson said it would partner with parent STMicro in the development of future application processors - after discussing also with four other companies - transferring its research and development activity and employees in the field to STMicro. In addition to modems, ST-Ericsson's strength, today's smartphones use application processors that function in the same manner as a central processing unit (CPU) on a computer, running software and graphics. ST-Ericsson has been seen as a "strategic asset" for potential buyers such as Nvidia, Intel and Texas Instruments, sources familiar with the situation told Reuters last month. ST-Ericsson releases its first-quarter results later in the day, after markets in the United States close. (Reporting by Simon Johnson and Tarmo Virki; Editing by Helen Massy-Beresford) Tech Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. 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