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NEC to Lay Off 20,000

Japanese electronics giant hammered by falling demand, stronger yen

By Jason Farago,  Newser Staff

Posted Jan 30, 2009 6:03 AM CST

(Newser) – The Japanese electronics giant NEC announced today that it will cut 20,000 jobs worldwide after posting a fourth-quarter loss of $1.45 billion, reports the Wall Street Journal. NEC's losses ballooned as demand fell for its semiconductors and chips, and the strength of the yen further hurt its bottom line. A Japanese business daily reported today that NEC is now in talks with Toshiba to combine their chip operations, although the company did not confirm the report.

An office worker walks with a parasol in front of a sign touting Japanese computer and network equipment maker NEC Corp. in Tokyo.
An office worker walks with a parasol in front of a sign touting Japanese computer and network equipment maker NEC Corp. in Tokyo.   (AP Photo/Katsumi Kasahara)
A shopper looks at Japanese electronics maker NEC's personal computers at a Tokyo store.
A shopper looks at Japanese electronics maker NEC's personal computers at a Tokyo store.   (AP Photo/Shizuo Kambayashi)
Kaoru Yano, president of NEC Corp., takes a seat during a press conference in Tokyo today.
Kaoru Yano, president of NEC Corp., takes a seat during a press conference in Tokyo today.   (AP Photo/Koji Sasahara)
A man walks beneath an NEC corporate logo in Tokyo today.
A man walks beneath an NEC corporate logo in Tokyo today.   (AP Photo/Koji Sasahara)
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