Chip manufacturer Texas Instruments has announced that the company will be laying off around 1,700 employees as part of a reshaping of the company’s product lines that will take them away from the mobile chip market.

At one time Texas Instruments supplied the majority of chips used inside mobile phones. Apple and Samsung have taken over that role between the two companies, with Samsung now supplying a large portion of the world’s mobile phone chips.

Texas Instruments will now be “…reshap[ing] our OMAP processor and wireless connectivity product lines to concentrate on embedded markets” according to senior vice president of Embedded Processing Greg Delagi.

The layoffs and company refocus will apparently be saving the company around $450 million annually by the end of 2013.

Source: AllThingsD