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Massive New Job Cuts Coming for Renesas Electronics
Japanese chipmaker Renesas Electronics Corp. plans to eliminate 5,400 jobs in Japan by April 2015, The Nikkei reports.
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Japanese chipmaker Renesas Electronics Corp. plans to eliminate 5,400 jobs in Japan by April 2015, The Nikkei reports.
The company, which was formed in 2010 by the merger of NEC Electronics and Renesas Technology, supplies about 30% of the world's microprocessors. At its peak, the company employed some 48,000 people.
But Renesas has struggled to gain profitability after Japan's massive earthquake in 2011 damaged its facilities, disrupting car production worldwide.
The company cut 7,500 jobs in October 2012. Two months later the government's Innovation Network Corp. spent 138 billion yen ($1.7 billion) for a 69% stake in the company. Eight key customers contributed a combined 12 billion yen ($145 million) to the bailout.
Last June the government installed a new chairman and CEO to lead the restructuring. In August the company said it would close five of its 14 plants in Japan, including its main Tsuruoka plant in Yamagata Prefecture.
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