Renesas seeks 5,000 job cuts for $542 million yearly savings
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Renesas seeks 5,000 job cuts for $542 million yearly savings

www.reuters.com   | 03.07.2012.

TOKYO (Reuters) - Japan's loss-making Renesas Electronics Corp said on Tuesday it will seek to cut around 5,000 jobs through voluntary redundancies by the end of October.
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The chipmaker, facing increasing pressure from overseas rivals such as Samsung Electronics, said it will save about 43 billion yen ($542 million) annually through the job cuts.

Renesas, a product of successive mergers of the chip divisions of Hitachi Ltd, Mitsubishi Electric Corp and NEC Corp, is likely to receive a total of 100 billion yen in loans and other forms of financial support in exchange for aggressive restructuring, sources have told Reuters.

(Reporting by Mari Saito; Editing by Michael Watson)


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