Renesas to post $1.1 billion special loss on job redundancy scheme

TOKYO Wed Oct 3, 2012 2:37am EDT

Renesas Electronics Corp's chip is pictured during a photo opportunity at the company's headquarters in Tokyo July 3, 2012. REUTERS/Yuriko Nakao

Renesas Electronics Corp's chip is pictured during a photo opportunity at the company's headquarters in Tokyo July 3, 2012.

Credit: Reuters/Yuriko Nakao

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TOKYO (Reuters) - Ailing Japanese chipmaker Renesas said on Wednesday that it will post a 85 billion yen ($1.1 billion) extraordinary loss in the July-September quarter after a larger-than-expected number of employees volunteered for its redundancy scheme.

Renesas said about 7,500 employees volunteered to resign with compensation. The firm had aimed to attract about 5,000 workers for the scheme.

The implementation of the scheme will reduce costs by 54 billion yen per year, Renesas said.

($1 = 78.04 Japanese yen)

(Reporting by Shinichi Saoshiro; Editing by Edwina Gibbs)

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