Sharp considering cutting 5,000 jobs worldwide

by Reuters    Aug 02, 2012

SharpJapan’s Sharp Corp is considering cutting 5,000 jobs globally, or just under 10 percent of its consolidated workforce, a source close to the matter said on Thursday.

The job cuts will be sought through early retirement and will also include reductions resulting from a plan to hive off ownership of its underused Sakai LCD factory in western Japan to Taiwan’s Hon Hai Precision Industry, the source said.

The maker of Aquos TVs posted a record net loss in the year ended March 31 on a plunge in demand for its TVs that left it saddled with a glut of LCD panels.

Demand for its TVs and solar panels remains weak, and a $198 million settlement in a U.S. LCD cartel case will further weigh on its April-June earnings results due at 0600 GMT.

Tags: Sharp, Aquos, LCD