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Toshiba to shed 18,000 jobs

Japanese chip giant Toshiba has confirmed that it will lay off 18,800 workers, as demand for semicondutors slips further

Toshiba, the largest chip-manufacturer in Japan, has announced that it will shed 18,800 jobs. The company forecast a loss of 115 billion yen ($956 million) for the current year, against profits of 60 billion yen ($499 million) last year.

The majority of the cuts, which represent 10% of Toshiba’s workforce, will be in Japan. Losses will mostly be in the company’s home appliances, heavy electrical and semi-conductor divisions. The Japanese electronics giant is thought to be in discussion with European chip maker Infineon over the possibility of combining operations in the memory chip segment.

Toshiba spokesman Hideyuki Miyazaki said that the losses were due to falling global demand for semiconductors. The company needed to develop a more robust structure for future downturns, said Miyazaki: “We need to create a structure that can withstand steep downturns like this one,” he said.

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