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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (40395)	8/19/2001 1:30:04 AM
From: stockman_scott	Respond to of 65232

Fujitsu to Cut 15,000 Jobs Saturday August 18 10:51 PM ET TOKYO (AP) - Japanese electronics manufacturer Fujitsu Ltd. will cut about 15,000 jobs by next March in a move to boost profitability in its sagging computer chip business, newspapers reported Sunday. Fujitsu will also close some production lines and merge affiliates as part of a restructuring plan to be unveiled Monday, according to reports in the Nihon Keizai and Yomiuri newspapers. Approximately 15,000 jobs - representing about 8 percent of Fujitsu's global work force of 180,000 - will be eliminated by the end of its current business year in March 2002, the two dailies said, without citing sources. According to the reports, most of the layoffs will affect Fujitsu's overseas units in North America and Southeast Asia. In Japan, the company wants to reduce headcount by about 3,000, in part by not renewing the contracts of workers on loan from subcontractors. Like its Japanese competitors, Fujitsu has been hard hit by the global downturn in sales of memory chips and other electronics components. Rival NEC Corp. has promised to slash 4,000 jobs by next March in a similar cost-cutting move. Last month Fujitsu posted a first-quarter group loss of $460.6 million, more than quadruple the $110.6 million it lost a year ago. The Nihon Keizai said that Fujitsu is negotiating with U.S. chipmaker Advanced Micro Devices Inc. to sell a plant Gresham, Oregon that employs 900 workers. Fujitsu announced in July that it was cutting output at the factory to between just 10-20 percent of capacity. Fujitsu's headquarters in Tokyo was closed on Sunday, and company spokespeople could not be reached for comment.