Monday, July 1, 2013: According to The Times of India, Japanese chipmaker, Renesas Electronics has moved towards downsizing. The company has made decision that today it would cut down a thousand jobs in Europe. In Finland, the entire workforce of more than 800 employees would go without work.
This move has been made keeping in mind the existing plan to cut up to 15,000 positions by way of voluntary reductions and factory floor cuts. “A way to continue its activities due to the lack of a buyer,” said Chief Executive of wholly owned subsidiary Renesas Mobile Europe, Juha Tenhunen to AFP.
Just few years back, almost 3000 jobs were cut down in the telecommunication sector of the northwestern Finnish city of Oulu, which was previously a Nokia stronghold. The city will be the worst hit after losing 570 jobs.
Apart from Finland, the layoffs will impact 109 people in Denmark, 6 people in Germany and 135 people in Britain. In addition to it 287 employees will be sacked who are working for subsidiaries in India and China.
This fiscal year, which ended in March, the company made a net loss of 168 billion yen (more $ 1.7 billion).
