July 3, 2012 / 8:41 AM / 7 years ago

Renesas aims to complete restructuring in 3 years

TOKYO, July 3 (Reuters) - Japan’s Renesas Electronics Corp , the world’s fifth-largest chipmaker, said on Tuesday it aims to complete a restructuring plan designed to turn around the loss-making company in three years.

“We will finish restructuring, including the sale and consolidation of our domestic plants, within three years,” Renesas president Yasushi Akao told reporters.

The company announced earlier on Tuesday that it will seek to reduce its workforce by 12 percent and shed half of its 19 domestic plants as it competes with Korean and Taiwanese companies to make cheaper, smaller chips.

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