Japan's NEC Tokin to shed 9,450 jobs worldwide; RP workers affected

Agence France-Presse

Posted at Jan 27 2009 07:29 PM | Updated as of Jan 28 2009 03:29 AM

TOKYO - Japanese electronics maker NEC Tokin announced Tuesday that it would axe 9,450 jobs worldwide due to the economic crisis.

The electronic component manufacturer, a subsidiary of Japanese high-tech giant NEC Corp., said it would shed about 450 domestic posts and 9,000 jobs overseas, the latest in a wave of global layoffs.

The company currently makes electronic materials and devices with some 3,000 employees in Japan and 16,000 in China, Thailand, the Philippines and Vietnam.

"We have made the decision due to stagnant demand following the global economic slowdown," company spokesman Toshiyuki Mitani said.

The company would carry out the job cuts "as quickly as possible," he added.

NEC Tokin revised its net loss forecast to 39.9 billion yen (445 million dollars) for the current business year to March from a 1.3 billion yen loss projected earlier.