Sharp to cut jobs

CNC report from Beijing
Added On March 29, 2013

Japanese electronics manufacturer Sharp said Thursday it will halve its headquarters-office workforce of around 1,400 to some 700 in April.

This is part of efforts to improve profitability.
    
Sharp will streamline its administrative division, and transfer some of the employees to operations such as sales.
    
On the same day, the company announced it has received about 109 million U.S. dollars in investment from Samsung.

The new investment will help Sharp to secure a stable supply of liquid crystal display panels.

Sharp plans to use the investment to introduce new technology to produce high-definition LCDs, and streamline its manufacturing facilities.
    
The move also gives Samsung a 3 percent stake in Sharp.

The two companies made the agreement earlier this month.

The capital tie-up is expected to improve Sharp's financial situation.

Talks on another alliance between Sharp and Taiwan's Hon Hai Precision Industry will continue, although the deadline for the Taiwanese firm to buy a stake in Sharp passed Tuesday without any deal.