[High-tech LED News] It is reported that Japanese electronic component giant TDK Corp. plans to lay off about 11,000 people worldwide due to a sharp decline in profits, with a 12% layoff. At the same time, the company also plans to sell its organic light-emitting diode (OLED) display business.
TDK said net profit for the six months ended September 30 fell 74% year-on-year to 6.7 billion yen (about $86 million). The layoffs are expected to be implemented as early as this fiscal year. The company's profit for the current fiscal year may be 20 billion yen, compared to the previous forecast of 50 billion yen. The Japanese electronics component maker ended its fiscal year earnings forecast for March next year, based on 76 yen against 1 dollar and 105 yen against 1 euro, while previous expectations were based on 80 yen against 1 dollar and 110 days. Yuan exchange rate of 1 euro.
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