Dallas based Texas Instruments has made an announcement that they are going to cut down their worldwide workforce that will help them to restructure in the future. The company has officially made a statement that they are going to cut down 1700 employees from the company worldwide including 500 employees from Dallas area. The company said that they are shifting their product strategy and therefore they do not need so many employees in their office. This will also help them to save more money in the future that will offer them financial flexibility.

The company also said that the job cuts will allow them to refocus on the faster growing more profitable divisions and cut down options that they no longer need in the company. Texas Instruments also said that they are no longer seeking a buyer for their mobile business and therefore they have decided to discontinue that division of business. The company said that the layoffs will happen in the next few quarters and they will keep updated about it. Texas Instruments said that they have explored various options that they have and they believe that selling off mobile business will be in the best interest of the company and that should allow them to get more profit and savings in the future. The company said that this will be an opportunity for the company to reshape things in the firm.