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Companies

Japan Display to ax 1,000 jobs

Maker forced to cut costs after decision to accept $729m capital injection

JDI's future remains unclear following decision-making delays about receiving financial assistance from Taiwanese and Chinese investors. (Photo by Ken Kobayashi)

TOKYO -- Japan Display's ongoing financial woes will force it to cut 1,000 jobs, or about 20% of its workforce, Nikkei has learned.

The display maker is trying to reduce fixed costs following its decision to accept a capital injection of up to 80 billion yen ($729 million) from Taiwanese and Chinese investors.

The job cuts will be the first since the company announced the axing of 300 Japanese employees in August 2017.

Nikkei has also learned that Japan Display will write off its main factory in Ishikawa Prefecture as an impairment loss for fiscal 2018 ended March.

According to sources, the company will incur a 70 billion yen loss due to shrinking liquid crystal display orders from Apple, its main customer.

The company will explain its structural reforms on Wednesday when it announces fiscal 2018 financial results.

Japan Display's future remains clouded following delays by the Taiwanese and Chinese investors to officially offer the capital injection. The company was supposed to clarify this at its mid-June stockholders meeting, but decided to hold an extraordinary general meeting at a later date.

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