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Business

Sharp planning sale of Malaysia plant

Japanese electronics maker reportedly selling its Malaysia factory, which will bring its total job cuts to 10,000.
Written by Liau Yun Qing, Contributor on

Japanese electronics maker Sharp plans to sell its Malaysian factory to Hon Hai Precision Industry, also known as Foxconn, which will bring total job cuts to 10,000.

Citing Kyodo News, a Wall Street Journalreport Saturday said Sharp's TV assembly plant in Malaysia has about 2,000 workers. Total job cuts in Sharp could reach 10,000 if the sale goes through.

The company announced in early August that it will be cutting 5,000 jobs as a cost-cutting measure which will save about 100 billion yen (US$1.3 billion).

Last month, Sharp was said to be considering selling off its factories in China and Mexico to its Taiwanese partner Hon Hai which will impact another 3,000 positions.

The report noted that Sharp will be presenting its rehabilitation plan to lenders by the end of this month.

Earlier this month, Sharp had put up its properties in Japan as collateral to secure new bank loans to pay off its short-term debt.

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