PARIS-Module maker Wavecom Inc. said it will no longer develop handsets and semiconductors as part of a sweeping restructuring of the company that will lap up about 560 jobs.
The company will focus on its automotive and machine-to-machine markets and wireless products such as mobile computers and personal digital assistants.
“Wavecom’s CEO, Ron Black, along with the board of directors and the senior management, made a strategic decision to refocus the company’s business entirely on vertical markets both because of the company’s strong position in several of these markets and its inability to find a partner for its handset business in a timely manner,” said the company in a statement.
The company suffered a loss of $30.83 million in the second quarter.
