Japanese chipmaker Renesas Electronics said it will cut less than 5 percent of its global workforce, amounting to fewer than 1,000 positions.
Renesas’s customers include automakers Toyota and Nissan. Renesas has also cancelled salary increases including for executives planned for this spring.
The company did not provide an exact number of jobs to be cut.
The layoffs will enhance the company’s ability to execute the long-term growth strategy, while taking into consideration continuing market softness.
Renesas is diversifying its business. In last February, Renesas announced it would buy electronics design firm Altium for $5.9 billion.
