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Mounting losses at NEC result in cuts

by on03 February 2009

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20,000 employees to be let go

As losses continue to mount at NEC, news has reached us that the company will embark on plans to start massive layoffs in an effort to slash the red ink. Like many other Japanese companies, NEC is expecting to struggle unless the industry rebounds sooner than expected.

The company plans to start laying off employees company-wide. Currently the exact numbers are not set in stone, but the number of workers to be slashed are projected to be as high as 20,000 when it is all said and done. The company says that the layoffs will be split evenly between full time and part time workers.

With over 150,000 employees worldwide, the cuts at NEC come at a time for the company when the Japanese tech sector has been hard hit in the wake of the current financial crisis. It is currently unknown if the company plans to discontinue any of its product lines in light of the current announcement.
Last modified on 03 February 2009
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