ST-NXP Wireless – the new semiconductor joint venture of STMicroelectronics and NXP – has announced plans to accelerate restructuring due to the global market slowdown. The company said the market outlook looks "quite different" to a few months ago when the company was launched. ST-NXP announced it is to cut 500 staff (including subcontractors) from its global workforce of approximately 7,500. The headcount reduction, along with other changes, targets cost savings of US$250 million, achieved over a quicker timeframe than originally anticipated. Restructuring charges are expected to reach around US$50 million. ST-NXP Wireless is 80 percent owned by STMicroelectronics and 20 percent owned by NXP. Present in 24 countries worldwide, the company claims to be a top three player in the wireless semiconductor market.