DALLAS Texas Instruments announced Wednesday it plans to eliminate 1,700 jobs worldwide as part of a cost-cutting program.

The Dallas-based technology giant said in a statement that it will also divert investments from its wireless component business to focus on embedded applications with longer life cycles than the rapidly-evolving mobile market.

TI said the changes would save about $450 million by the end of 2013.

These job reductions are something we do with a heavy heart because they impact people we care deeply about, said Greg Delagi, TI's senior vice president of embedded processing, in a written statement. We will work closely with all employees affected by these changes to provide a range of assistance related to compensation, benefits and job search.

There was no initial information about how many of the layoffs would involve TI's workforce in North Texas, which, at 9,100, makes it the third-largest manufacturer in Dallas-Fort Worth, according to the Dallas Business Journal.

The company employs 35,000 people worldwide, with about half that number in the Americas. The layoffs amout to about five percent of TI's total workforce.

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