(AP) -- Texas Instruments plans to close computer-chip factories in Houston and Japan in a cost-cutting move that will lay off about 1,000 workers.
The company announced the cutbacks Monday in its fourth-quarter earnings report. The results topped analyst estimates.
The layoffs represent about 3 percent of the 34,800 workers that Texas Instruments employed as of Sept. 30.
Closing the factories in Texas and Hiji, Japan, will save Texas Instruments about $100 million annually. The closures are scheduled to occur within the next 18 months.
Texas Instruments will absorb $215 million in charges to pay for the closures. About $112 million of that amount was recorded in the fourth quarter. The remainder will be scattered through 2013.
Both of the plants have been operating for more than 30 years.
Explore further: In Brief: Texas Instruments settles for $70M