Sakuta Wields Axe At Renesas
Renesas is to close its Tsuruoka logic fab after failing to sell it to TSMC.
900 workers will be offered jobs at other Renesas sites or redundancy.
By the end of September Renesas is due to receive a bail-out of $1.5 billion from the Japanese government and eight of its customers.
Last month Renesas got a new chairman and CEO – Hisao Sakuta from Omron.
Last year Renesas escaped being taken over by New York private equity firm KKR.
However the $10 billion revenue company with over 30,000 employees is clearly bloated with too many sites and staff and it seems Sakuta is making a start on getting it into shape.