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28
May
2012

Rumour: Renesas to cut over 12,000 jobs

Renesas Electronics Corp may cut over 12,000 jobs as it sells loss-making operations.
Reuters has reported that sources close to the matter believe the company will announce the plans in the face of increasingly high costs and strong foreign competition.

Sources also told Reuters that the company plans to raise 1.3 billion USD to fund the restructure.
The company has already presented a plan to reduce the work force by at least 12,000 to its major lenders according to Reuters' sources.
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