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Fujitsu-affiliated electronics device maker to eliminate 4,800 jobs(Kyodo News International (Tokyo) Via Acquire Media NewsEdge) Feb. 27--TOKYO -- FDK Corp., an electronics device maker affiliated with Fujitsu Ltd., said Friday it will eliminate 4,800 jobs at home and overseas, or roughly 40 percent of its 11,300-person workforce. As for the domestic segment of the workforce, FDK said, it will eliminate 510 jobs through such means as soliciting employees' applications to quit on a voluntary basis before they reach mandatory retirement age. FDK will suspend manufacturing at its factory in Iwaki, Fukushima Prefecture, relocating the factory's functions to another plant in Kosai, Shizuoka Prefecture. It also revised downward its group earnings projections for fiscal 2008, forecasting a net loss of 11.7 billion yen, compared with the earlier forecast of a 950 million yen loss released Oct. 30, due to flagging sales of its product components for use in such products as cellphones and liquid crystal display televisions. It also attributed the revision to the need to book 8 billion yen in restructuring-related expenses. The company said it will develop a negative net worth of more than 9 billion yen due to the large loss in closing its books for the business year ending March 31. FDK officials said the company is considering asking Fujitsu, which owns more than 39 percent of its voting common shares, and other entities to help recapitalize it. In the past, FDK twice floated and sold nonvoting preferred shares to Fujitsu. To see more of Kyodo News International, go to http://www.kyodonews.com Copyright (c) 2009, Kyodo News International, Tokyo Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |