Computer hardware maker NEC said late Friday that it will cut 700 jobs amid a "severe downturn" in semiconductor demand. NEC said it will close its chip assembly and test operations at a Roseville, Calif., plant, accounting for 100 of the job cuts. NEC said it will shift away from making memory chips to higher-value communications chips.
"NEC made the difficult decision to reduce staff numbers only after severe cost-cutting failed to counter the steep decline in semiconductor sales over the past several months," the company said in a statement.
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