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Slideshow Japan's Renesas seeks to cut 12 percent of workforce, sell plants Tweet Share this Email Print Related News Micron to buy Japanese chip maker Elpida Mon, Jul 2 2012 Samsung sees higher Q2 handset earnings; U.S. supply crunch to ease Mon, Jun 25 2012 Nikkei ends at five-week high, softer yen supports Thu, Jun 21 2012 Renesas shareholders agree to $633 million support: sources Wed, Jun 20 2012 Japan Airlines takes step towards $8 billion IPO, re-listing: sources Wed, Jun 20 2012 Analysis & Opinion Essential reading: Treasury resists Northern Ireland corportion tax cuts plan, and more Japan needs more than apologies on insider trades Related Topics Tech » Hot Stocks » Asian Markets » 1 of 2. Renesas Electronics Corp's chip is pictured during a photo opportunity at the company's headquarters in Tokyo July 3, 2012. Credit: Reuters/Yuriko Nakao TOKYO | Tue Jul 3, 2012 4:01am EDT TOKYO (Reuters) - Japan's Renesas Electronics Corp, the world's fifth-largest chipmaker, said it will seek to reduce 12 percent of its workforce and shed half of its 19 domestic plants as it competes with Korean and Taiwanese companies to make cheaper, smaller chips. Renesas, a product of successive mergers of major shareholders Mitsubishi Electric Corp, Hitachi Ltd and NEC Corp, said the job cuts would save the company 43 billion yen ($541.97 million) annually. The company reported a massive loss in the last financial year and is seeking to avoid the fate of fellow Japanese chipmaker Elpida Memory Inc, which filed for bankruptcy protection in February because of tough market conditions and fierce global competition. Apart from cutting 5,000 jobs, Renesas said it will consider selling or consolidating as many as 10 plants, including a system chip unit in northern Japan. That would allow the company to focus making microcontroller chips used in cars, its flagship product. Japanese media previously reported that Renesas planned to sell its system chip plant in Tsuruoka, northern Japan to Taiwan Semiconductor Manufacturing Co (TSMC), the world's biggest contract chipmaker. Renesas has already sold another facility in northern Japan to Fuji Electric Co. In return for the restructuring, the chipmaker is expected to secure 100 billion yen ($1.3 billion) in loans and other forms of financial support from its major shareholders and four banks. The shareholders have already agreed in principle to provide 50 billion yen in assistance to the chipmaker, sources previously told Reuters. Renesas said its president Yasushi Akao will hold a news conference at 5 p.m. Japan Time (0800 GMT) to discuss the restructuring steps. NET LOSS Renesas, the world's leading supplier of microcontroller chips, posted a bigger-than-expected net loss in the previous fiscal year because of massive supply disruptions in the wake of natural disasters in Japan and Thailand. Renesas' loss-making system chip division, which produces chips used in a range of electronic devices, faces intense competition from the likes of Samsung Electronics. The unit producing system LSI devices, as system chips are also known, has been a major drain on the Renesas' profits because of a strong yen and production cuts at struggling Japanese consumer electronics makers, analysts say. Shares in Renesas, which hit a record low of 198 yen in May, ended up 9.8 percent at 348 yen on Tuesday, ahead of the restructuring announcement. ($1 = 79.34 Japanese yen) (Reporting by Mari Saito; Editing by Ryan Woo) Tech Hot Stocks Asian Markets Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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