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Report: Panasonic to cut 7,000 jobs in chip business

Posted: 25 Oct 2013     Print Version  Bookmark and Share

Keywords:Panasonic  job cuts  semiconductor 

Panasonic Corp. plans to slash up to 50 per cent of its chip division workforce. The company is expected to cut 7,000 employees by fiscal 2014 through March 2015, a news report said.

Most of the job losses will be overseas, while workers in Japan will be shifted to other businesses, claims the report.

The struggling Japanese giant has its chip manufacturing facilities in Japan's Toyama and Niigata prefectures, as well as in China, Indonesia, Malaysia and Singapore.

The company is also in talks with Israeli chip manufacturer Tower Jazz to sell some plants.

Expenses resulting from the workforce reduction are expected to reach Rs.3,205.13 crore (50 billion yen) for the year ending March, the Nikkei said. Panasonic's semiconductor business reported an operating loss of Rs.11,794.87 crore (184 billion yen) in fiscal 2012.

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