Tokyo, June 5, 2009 (IRG) - Renesas Technology Corp. aims to be back in the black by fiscal 2010 on aggressive cost-cutting efforts as it pins its hopes on nascent signs of recovery in chip demand.
Renesas, owned 55 percent by Hitachi Ltd. and 45 percent by Mitsubishi Electric Corp., is in talks with NEC Electronics Corp., a chip unit of NEC Corp., to integrate their operations by next spring.
The company will complete its restructuring measures regardless of whether the deal goes through. Renesas recorded a group net loss of over 200 billion yen for the business year that ended in March due to an erosion of chip prices and stagnant demand caused by the global economic recession.
To combat the losses, Renesas slashed about 600 regular employees by the end of March through an early retirement program and has also announced cutting 2,500 temporary workers. The company has no immediate plans to further reduce its workforce.
Copyright © 2010 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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