The
Japanese electronics giant Toshiba is to shed 18,800 jobs due to the slump in
the global semiconductor market.
Nearly
all the job cuts will be made in Japan, where 17,000 jobs will be lost and a
third of the company’s 21 manufacturing plants will close over the next two
years.
The
measures will cost Toshiba nearly £700 million in restructuring charges.
Company
president Tadashi Okamura said, “With this action plan we want to regenerate
the company. In order to boost production overseas we have to make reductions
at home.”
The
company expects to report a net loss of Y115 billion (£664 million) for the
year, its worst annual loss ever.
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By
Karen Higginbottom
