Japan's Renesas to Cut Additional 3,000 Jobs
Japanese chipmaker Renesas Electronics said on Thursday it plans to cut an additional 3,000 to 4,000 jobs in September as it slims down management and its design operations.
On top of 7,500 workers that took retirement packages in October, the move would cut Renesas's workforce by roughly 25 percent from March 2012.
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The government-backed Innovation Network Corp of Japan (INCJ) is expected to invest a total of 150 billion yen in Renesas along with a group of customers such as Toyota Motor. The INCJ plans to take control with a two-thirds stake in the chipmaker.
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