Sharp says aims to trim $179 mln costs with more pay cuts
TOKYO, Sept 11
TOKYO, Sept 11 (Reuters) - Japan's Sharp Corp said on Tuesday it will trim fixed costs by doubling cuts in managers' pay to 10 percent from next month until September 2013 and trimming their year-end bonuses by 50 percent, compared with a 30 percent cut in their summer bonuses.
The embattled TV maker also said it has asked labour unions to accept pay cuts for the rest of its work force of 7 percent, up from a 2 percent cut imposed in May.
Sharp said if the cuts go ahead as planned it will trim fixed cost for the year ending next March by 14 billion yen ($179 million).
Sharp, which is waiting for a cash injection from Hon Hai Precision Industry Co Ltd, has mortgaged nearly all of its domestic offices and factories, including one which makes screens for Apple Inc's latest iPhone, to secure the fresh loans it needs to stay in business.
It said last week it has offered the properties as collateral for up to 150 billion yen of credit from Mizuho Financial Group Inc and Mitsubishi UFJ Financial Group Inc .
- Colorado baker discriminated by denying gay couple wedding cake: judge
- WTO overcomes last minute hitch to reach its first global trade deal
- Flights delayed as air pollution hits record in Shanghai
- Amish girl in Ohio will not be forced to resume chemo for cancer
- South Africa mourns Mandela, will bury him on December 15 |