According to latest news, the world's fifth-largest chip maker, Renesas Electronics announced the layoff of 5,000 people, accounting by 12 percent of its global workforce, while half of mainland 19 factories in Japan were shut down. Renesas Electronics said the job cuts could save annual the company 43 billion yen (U.S. $ 5.4197 $ one hundred million) expenditure. After substantial loss in the previous fiscal year, Renesas is trying to avoid repeating the mistakes of Elpida. Highly competitive global market, coupled with the appreciation of the yen, Elpida filed for bankruptcy protection in February this year .Renesas Electronics said that in addition to 5,000 job cuts, the company is also considering a sale or merger of up to 10 factories, including a system-on-chip factory in northern Japan, thus making it more focused on flagship products - automotive microcontroller chips.Japanese media had reported that Renesas Electronics plans to sell a system-on-chip factory in northern Japan to the world's largest chip foundry, TSMC. Renesas Electronics has sold a factory located in northern Japan to Fuji (FujiElectricCo). In return for business reorganization, Renesas Electronics will receive a total of 100 billion yen (about $ 1.3 billion) of loans and other forms of financial support from the largest shareholder and the four banks. It is said the Renesas's large shareholders have agreed in principle to provide 50 billion yen as financial support.Renesas Electronics said the company's president, Akao will hold a press conference in Japan on Tuesday 17:00 to introduce the Renesas electronic reorganization plan. |
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Renesas Shut Down Half Of Japanese Factories