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TOSHIBA PLANS TO LAY OFF 7% OF WORKFORCE

Toshiba America Electronic Components Inc is set to axe around 7% of its workforce in a bid to size itself in line with sales forecasts. The company reported a 25.8% fall in profit to $575.3m for the year to March 31 (CI No 3,172), and is justifying the job cuts by saying that it has seen a major retooling of business processes. Toshiba says the downward trends are affecting the industry as a whole and says recovery cannot be achieved without a lay offs.

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