Renesas aims to sell chip plant and lay off 12,000

Renesas aims to sell chip plant, shed 12,000 jobs

Japanese chipmaker Renesas Electronics Corp plans to sell off loss-making operations and cut its payroll by at least 12,000

Renesas, the world's largest maker of microcontroller chips for cars, aims to raise more than 100 billion yen ($1.3 billion) to pay for restructuring costs

Renesas has posted cumulative net losses of nearly $6 billion over the past seven years as it struggles to keep up with South Korea's Samsung Electronics and others in an expensive race to build ever smaller and faster chips.

Hobbled by a strong yen and forced to close eight of its factories after natural disasters in Japan and Thailand last year, Renesas has said it would hammer out a restructuring scheme by July.

Sources:
Reuters