Texas Instruments to cut 1700 jobs in reorganization

US tech firm Texas Instruments said Wednesday it was cutting 1,700 jobs worldwide as it cuts back on chips for mobile phones. The Dallas-based firm said it would focus on processors for devices and applications "with long life cycles," instead of the mobile market "where large customers are increasingly developing their own custom chips." The company has shifting its focus away from mobile phones and tablets to chips for industrial equipment and the automotive sector. "We have a great opportunity to reshape our OMAP (Open Multimedia Applications Platform) processor and wireless connectivity product lines to concentrate on embedded markets," said TI vice president Greg Delagi. The company expects annualized savings of about $450 million by the end of 2013.