Sanyo Electric Co. said on Sept. 30 it will close a factory in South Korea as part of an overhaul of its semiconductor manufacturing operation. The Japanese group said it would liquidate its Masan-based subsidiary Korea Tokyo Silicon Co. by February.
About 300 employees will lose their jobs and production will be shifted to other plants in Japan, Vietnam and the Philippines, a company spokesman said.
Sanyo has slashed thousands of jobs and sold non-core operations in recent years in the face of stiff competition with rival electronics makers.
The group said it did not expect any significant impact on its financial results.Sanyo has struggled in the sector since a massive earthquake in the central Japanese region of Niigata in 2004 damaged its chip-making plant.
The group announced it would dissolve six subsidiaries in Hong Kong, with no significant impact on its earnings.
Copyright Agence France-Presse, 2008
