Tokyo, Feb 6, 2009 (JCN) - NEC Corp. has decided to cut more than 20,000 jobs at group companies around the world by the end of the fiscal year through March 31, 2010. About 8,000 jobs will be eliminated in Japan, while around 12,000 will be shed overseas.
NEC Tokin Corp. had already announced plans to lay off 9,450 full-timers around the world. This downsizing at the electronics parts unit is included in the 10,000 or so full-time positions to be axed at the NEC group firms.
As for non-full-time jobs, 1,200 will be eliminated at NEC Electronics Corp. The remaining 9,000 job losses are expected to come at subcontractors. This outsourced work will be done by the group firms themselves.
With the global economic slump deepening, NEC forecast a group net loss of 290 billion yen (US$3.227 billion) for fiscal 2008 on Jan 30. NEC's most recent full-year net loss was for fiscal 2005. The firm has decided to forego dividend payouts for fiscal 2008 in order to preserve shareholders' equity.
Copyright © 2010 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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