Sharp considering cutting 5,000 jobs worldwide: source

Wed Aug 1, 2012 9:04pm EDT
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TOKYO (Reuters) - Japan's Sharp Corp is considering cutting 5,000 jobs globally, or just under 10 percent of its consolidated workforce, a source close to the matter said on Thursday.

The job cuts will be sought through early retirement and will also include reductions resulting from a plan to hive off ownership of its underused Sakai LCD factory in western Japan to Taiwan's Hon Hai Precision Industry, the source said.

The maker of Aquos TVs posted a record net loss in the year ended March 31 on a plunge in demand for its TVs that left it saddled with a glut of LCD panels.

Demand for its TVs and solar panels remains weak, and a $198 million settlement in a U.S. LCD cartel case will further weigh on its April-June earnings results due at 3 p.m. (0600 GMT).

(Reporting by Reiji Murai, Writing by Mayumi Negishi; Editing by Chang-Ran Kim)

A man is reflected on Sharp's logo on its fridge at an electronic shop in Tokyo October 29, 2009. REUTERS/Kim Kyung-Hoon