JDI to Cut 30% of Jobs – May Get More Cash

Japan Display Inc has said that it will reduce its staff levels by 30% – around 4,700 jobs according to Reuters and the WSJ. The company is also reported to be in advanced discussions from its main investor, Innovation Network Corp of Japan (INCJ) for additional finance. Banks are also considering investing. Reuters reports that JDI has been getting more than half of its business from Apple, which has been cutting back its purchasing of small LCDs.

Analyst Comment

Of course, there is a widespread expectation that Apple will adopt OLED, which would cause a big drop in business for JDI, although it may have an opportunity to take business in China. (BR)