Japan's Sanyo says to cut 1,200 jobs

TOKYO: Sanyo Electric Co. said on Thursday it would cut 1,200 jobs in Japan and overseas as part of efforts to turn around its struggling semiconductor operations amid the economic downturn.

"In our semiconductor and related businesses we will cut 800 domestic positions and 400 positions overseas -- in total 1,200 -- including regular and temporary workers," Sanyo vice president Koichi Maeda told a news conference.

Earlier in the day Sanyo, which is being bought by rival Panasonic Corp., forecast zero net profit for the current financial year to March due to weak sales of electronics devices and semiconductors, as well as the stronger yen.