Texas Instruments to lay off 500 locally

DALLAS – Texas Instruments Inc, plans to cut about 1,700 jobs worldwide, with roughly 500 in the Dallas area, to reduce costs in its wireless business. This is almost a 5 percent reduction in the company’s total employment of 34,759.

According to its latest annual report filed with the Securities and Exchange Commission, Texas Instruments is accepting about $345 million in severance charges. In total, they will save about $450 million annually by the end of 2013, when the layoffs are complete.