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Wednesday November 30, 2011

Toshiba To Close Chip Plants As Demand Slides

Toshiba, in a bid to cut costs, is closing half of its six discreet chip-making plants in Japan and scaling back production in the remain facilities.

The three plants are scheduled to be closed in the first half of the fiscal year starting in April 2012, in a bid to slash costs, with Japanese makers at a disadvantage because of strength in the yen. "It's because demand is so weak," said analyst Yoshiharu Izumi at JP Morgan in Tokyo, adding that the announcement would likely be mildly negative for the company's stock.

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