Reuters: Technology News: Renesas seeks 5,000 job cuts for $542 million yearly savings

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Renesas seeks 5,000 job cuts for $542 million yearly savings Jul 3rd 2012, 06:56 TOKYO | Tue Jul 3, 2012 2:49am EDT TOKYO (Reuters) - Japan's loss-making Renesas Electronics Corp said on Tuesday it will seek to cut around 5,000 jobs through voluntary redundancies by the end of October. The chipmaker, facing increasing pressure from overseas rivals such as Samsung Electronics, said it will save about 43 billion yen ($542 million) annually through the job cuts. Renesas, a product of successive mergers of the chip divisions of Hitachi Ltd, Mitsubishi Electric Corp and NEC Corp, is likely to receive a total of 100 billion yen in loans and other forms of financial support in exchange for aggressive restructuring, sources have told Reuters.

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