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Fujitsu hits 10-month high after announcing chip unit restructure
February 8, 2013 / 12:30 AM / in 5 years

Fujitsu hits 10-month high after announcing chip unit restructure

TOKYO, Feb 8 (Reuters) - Shares of Fujitsu Ltd hit a 10-month high on Friday after the company said it would reorganise its microchip business, jumping as much as 8 percent to 446 yen.

Fujitsu and Panasonic Corp said on Thursday they were combining their struggling LSI chip units, which produce highly customised chips used in a range of consumer electronics.

As part of the reorganisation, Fujitsu plans to cut around 5,000 positions and transfer 4,500 staff into the new chip venture.

Fujitsu said it expected to post an extraordinary loss of 170 billion yen ($1.8 billion) this financial year to March 31. ($1 = 93.2100 Japanese yen) (Reporting by Dominic Lau; Editing by Paul Tait)

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