French govt says STMicroelectronics must implement new strategy

PARIS (Reuters) - French government spokesman Stephane Le Foll said on Wednesday that STMicroelectronics (NYSE: STM) must implement a new strategy after the Franco-Italian chipmaker announced a plan for 1,400 job cuts.

"We want a new strategy put in place to allow this company to create value and recover," Le Foll said at media briefing following a weekly government cabinet meeting.

STMicro said earlier on Wednesday that it planned to put an end to its TV set-top box activity, eliminating 1,400 jobs globally, including 430 in France.

France and Italy together control STMicro with a combined stake of 27.5 percent.

(Reporting by Jean-Baptiste Vey; Writing by Mathieu Rosemain; Editing by Brian Love)

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