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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan's Sanyo to cut up to 1,000 jobs: report AFP - 1 hour 24 minutes ago TOKYO (AFP) - - Japan's Sanyo Electric Co. plans to cut up to 1,000 jobs to revamp its struggling businesses before being bought by Panasonic Corp., a press report said Tuesday. Sanyo Electric is considering shedding about 500 of its 20,000 regular employees in Japan, mainly in the semiconductor division, by the end of March, the Nikkei business daily reported. The total number of job cuts, including temporary workers, is expected to reach about 1,000, the daily said, without naming its sources. Several hundred of the 2,000 regular jobs at wholly owned unit Sanyo Semiconductor Co. are expected to be axed under an early retirement programme, the Jiji news agency said. The subsidiary has some 10,000 workers worldwide. "As we have announced with Panasonic, we must pursue structural reform," a company spokeswoman said. "But at this point in time, no firm decision has been made." Panasonic said last month it would acquire Sanyo Electric for up to nine billion dollars, forming an industry heavyweight amid the global downturn. The deal, which is expected to be completed by the end of March, was the first major realignment of Japan's electronics industry since the start of the economic crisis, which has caused consumer demand to slump. Sanyo Electric has seven semiconductor plants overseas, including in China, Vietnam and the Philippines. Kyodo News said the company plans to reduce the number to two. Sanyo Electric booked a group operating loss of 2.8 billion yen (30 million dollars) in its semiconductor business for the year to March 2008. The operating loss swelled to 5.8 billion yen in the six months to September 2008, compared with an operating profit of 1.5 billion a year earlier. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business JFE wants iron ore prices to fall to 07/08 levelsReuters - 19 minutes ago SNAPSHOT - Financial Crisis - 0715 GMTReuters - 26 minutes ago Japan business lobby sees '09 dlr range of 95-105 yenReuters - 27 minutes ago NEW ISSUE-IRFC invites bids for 7 bln rupees of bondsReuters - 27 minutes ago Indian cash rates steady on surplus cash with banksReuters - 31 minutes ago Enlarge Photo Japan's Sanyo to cut up to 1,000 jobs: report Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Steve Jobs has "hormone imbalance," to stay on as Apple CEO Jett Travolta died of 'seizure': Bahamas officials Israeli army moves on Gaza City as war toll passes 510 Pink iguanas discovered on Galapagos Islands Milky Way spins faster, has more mass than thought: astronomers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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