Hitachi to Slash Jobs, Post Loss

Hitachi Ltd., Japan’s biggest private employer, said it will slash 14,700 jobs, or about 4.5% of its work force, joining rival electronics companies cutting costs as global demand slumps.

Tokyo-based Hitachi will cut 10,200 jobs in Japan--7,200 by attrition and 3,000 through early retirement--and 4,500 overseas by March 2002 as it reorganizes its chip and computer display businesses, the company said. Toshiba Corp., Fujitsu Ltd. and NEC Corp. already have announced job cuts.

Hitachi also said it expects a loss of $1.2 billion in the year ending in March. The company will pare spending this year on chip equipment and plants by more than half compared with its original plan.

Hitachi will take a $673.4-million charge, which also covers its planned withdrawal from the cathode ray tube business and the overhaul of its domestic chip business.