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Sharp's Job Cuts To Reach 10,000

Mon, 09/24/2012 - 10:06am
The Associated Press

OSAKA, Sept. 22 (Kyodo) — Sharp Corp. is considering selling its TV assembly plant in Malaysia to its Taiwanese business partner Hon Hai Precision Industry Co., sources close to the issue said Saturday.

As the Malaysian plant has around 2,000 workers, the job cuts by the cash-strapped Osaka-based company will total around 10,000, including already announced workforce reductions.

Sharp has almost decided to sell its TV assembly plants in Mexico and China to Hon Hai to focus on more lucrative fields, such as small and midsize liquid crystal displays for smartphones and tablet computers.

The Japanese company had around 56,000 employees on a consolidated basis as of the end of July. It has already announced a job cut of 5,000, and the planned sales of the Mexico and Chinese plants will bring about more than 3,000 reductions.

Sharp is expected to present its rehabilitation plan to its lenders by the end of this month.

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