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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (63874)	5/17/2002 2:02:00 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

NEC Rises After Saying It Will Separate Its Chip Unit (Update2) By Minoru Matsutani quote.bloomberg.com Tokyo, May 17 (Bloomberg) -- NEC Corp.'s shares rose after the world's sixth-largest chipmaker said it will separate its non- memory chip business and sell shares in the new company as soon as possible. The move may make it easier for NEC, which posted a record loss last fiscal year, to fund expansion. The decision is part of an effort by NEC to shed jobs, sell plants and reorganize its unprofitable businesses. The shares, which fell by a quarter this year, rose as much as 50 yen, or 5.2 percent, to 1,005 yen, and closed morning trading at 1,001. About 20 million shares traded so far, making them the second most active on Japan's stock exchanges. NEC cut 11 percent of its workforce and closed unprofitable factories last year as computer-memory chip prices tumbled. The company, which investors have said is slower to take reorganization measures than overseas rivals, will reduce costs further, President Koji Nishigaki said yesterday.