Citing intense competition, the Tokyo-based company said it would cut 3,500 positions at overseas assembly plants and another 240 jobs from its payroll in Japan. The job cuts, which represent nearly 30 percent of the 13,100-strong workforce, are expected to save 50 billion yen ($455 million) annually, it said, adding that total restructuring costs would be about 170 billion yen. Japan Display, born out of the 2012 merger of the liquid crystal display divisions of Hitachi, Toshiba and Sony, has been losing money for years as it lagged behind its foreign rivals while the industry shifted to new technologies. "We find ourselves in a very regrettable situation," CEO Nobuhiro Higashiiriki told a press briefing. "Our biggest task is to build a management system that generates profits by keeping in mind that this is our last chance to restructure," he added.
Copyright Agence France-Presse, 2017