The Inquirer reports chip maker Renesas plans to sell 10 of its 19 fabs and offer early retirement plans to over 10 percent of its workforce to cut costs:
Renesas has spent the last two quarters desperately trying to avoid going the way of fellow Japanese chipmaker Elpida, and earlier today Renesas president Yasushi Akao laid out the firm's plans to avoid bankruptcy. Akao talked of moving more production overseas, selling 10 fabs in Japan and introducing an early retirement programme to cut its workforce.
According to Akao the company wants to remain a big player in the hugely competitive and high volume automotive chip market. He also talked about Renesas keeping its analog and power controller business while shrinking its system-on-chip unit.