Renesas Said to Plan Cutting 5,400 Jobs in Bid to Boost Profits
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Renesas Electronics Corp., the Japanese chip supplier to Apple Inc., is talking with unions to cut about 20 percent of its workforce through voluntary buyouts, according to a person familiar with the matter.
The company, which was bailed out by a state-backed fund, plans to eliminate about 5,400 jobs, with most reductions coming from administration rather than production, the person said, asking not to be identified because the the matter is private. The final number of buyouts may change depending on negotiations, and the company wants to conclude the reductions by March 2016, the person said.