SAN FRANCISCO—Struggling Japanese chip maker Renesas Electronics Corp. plans to eliminate 3,000 more jobs, according to a report by the Bloomberg news service.
Renesas (Tokyo)—which is being rescued by a bailout package announced last month—already eliminated nearly 8,000 jobs through an early retirement program last fall.
According to the Bloomberg report, which cites a Japanese language statement issued by Renesas, Renesas began negotiations with labor unions this week. The company plans to eliminate at least 3,000 positions through buyouts, according to the report. No upper limit on the number of buyouts has been set, according to the report.
Under a deal announced last month, the Innovation Network Corp. of Japan (INCJ), a public-private partnership, will pay 138 billion yen ($1.675 billion) to acquire a 69 percent stake in Renesas. Eight major Renesas customers, including Toyota, Nissan, Canon and Panasonic, will pay almost 12 billion yen ($146 million) for a 6 percent stake.