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FINANCIAL NEWS
TDK to slash 12% of its workforce
01 Nov 2011
(MENAFN) TDK Corp. said it will shed 11,000 jobs representing 12 percent of its workforce, and sell its organic light-emitting diode display business, Bloomberg reported.
The Tokyo-based company explained that it suffered a decline in profits by 74 percent in the six months ended Sept. 30, adding that it will also sell some unused assets worldwide and reduce fixed costs.
TDK’s net income dropped to USD86 million in the six months ended Sept. 30, compared with USD344.2 million a year earlier.
The company also said that the job elimination plan is scheduled to begin as early as this fiscal year.
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