NEC Corp. said on March 4 that it was shutting down a factory that produces liquid crystal displays as the global downturn saps demand for its products.
The company will close the NEC LCD Technologies factory in southern Kagoshima prefecture in December and shift production to another plant in northern Akita, a spokesman said. The move will result in 590 job losses, mainly through voluntary retirements -- part of NEC's plan announced in January to shed 20,000 workers.
The company expects a net loss of 290 billion yen (US$2.9 billion) in the current financial year to March as the economic downturn depresses demand for electronic goods.
Copyright Agence France-Presse, 2009
