Advantest says to cut 1,200 jobs, managers' pay

TOKYO Feb 25 (Reuters) - Japan's Advantest Corp (6857.T), the world's biggest maker of semiconductor testers, said on Wednesday it would cut over a quarter of its workforce and reduce managers' salaries to further lower costs amid the global chip market plunge.

The company said it would book a one-time loss of 25 billion yen ($258 million) in the year to March to implement the cost reduction measures, which it expects will help it cut fixed costs by around 25 billion yen annually from next year.

Advantest said it would cut its workforce by about 26 percent to 3,400 by the end of March.

The company had said on Monday it would unveil a new restructuring package on Wednesday. (Reporting by Yumiko Nishitani)