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iPhone supplier Japan Display to take $1.5bn charge in reform push

Turnaround plan calls for 30% payroll cut, factory consolidation, shift to OLED

Japan Display said on Aug. 9 it will implement a turnaround plan under new CEO Nobuhiro Higashiiriki.

TOKYO -- iPhone supplier Japan Display will take 170 billion yen ($1.5 billion) in special charges for the current fiscal year through March, as part of a sweeping move to restructure its loss-making liquid crystal display operations, the company announced Wednesday.

The major manufacturer of small LCDs for smartphones also reported a net loss of 31.5 billion yen ($286 million) for the April-June first quarter, far larger than the loss of 11.8 billion yen it posted a year earlier.

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