NEC Poised for Company-Wide Reorganization.
In a bid to boost profitability, NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98).
NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Corp is reportedly planning a company-wide reorganization that will include the liquidation of its loss-making home electronics division, the consolidation of its wireless and defense businesses and the turning of its PC, telecommunications and chipmaking units into independent businesses with separate profit and loss responsibilities. As part of the process, 1,000 staff will lose their jobs, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. reports in the Nihon Keizai Shimbun Nihon Keizai Shimbun (日本経済新聞 newspaper.
To offset restructuring-related losses of as much as 100bn yen, NEC plans to sell stock and other assets other assets
Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. , possibly even its headquarters building in downtown Tokyo, the paper said. NEC posted a record group loss of 157.9bn yen in the year ended March 31, citing poor sales in its PC and chipmaking business. To soften the blow, in February, the company announced a reshuffling of its top management and said it would 10% of its workforce over the next three years.