TDK to Cut About 11,000 Jobs Worldwide, Sell Panel Business
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TDK Corp., the world’s biggest maker of magnetic heads for disk drives, plans to cut about 12 percent of its workforce and sell its organic light-emitting diode display business, after profit plunged.
About 11,000 jobs may be eliminated as net income dropped 74 percent in the six months ended Sept. 30, the Tokyo-based company said in a statement today. The company will also sell some unused assets worldwide and reduce fixed costs, it said.