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Sharp says aims to trim $179 million costs with more pay cuts
US-SHARP-CUTS:Sharp says aims to trim $179 million costs with more pay cuts
TOKYO (Reuters) - Japan's Sharp Corp said on Tuesday it will trim fixed costs by doubling cuts in managers' pay to 10 percent from next month until September 2013 and trimming their year-end bonuses by 50 percent, compared with a 30 percent cut in their summer bonuses.
The embattled TV maker also said it has asked labor unions to accept pay cuts for the rest of its work force of 7 percent, up from a 2 percent cut imposed in May.
Sharp said if the cuts go ahead as planned it will trim fixed cost for the year ending next March by 14 billion yen ($179 million).
Sharp, which is waiting for a cash injection from Hon Hai Precision Industry Co Ltd, has mortgaged nearly all of its domestic offices and factories, including one which makes screens for Apple Inc's latest iPhone, to secure the fresh loans it needs to stay in business.
It said last week it has offered the properties as collateral for up to 150 billion yen of credit from Mizuho Financial Group Inc and Mitsubishi UFJ Financial Group Inc.
($1 = 78.2900 Japanese yen)
(Reporting by Miki Kayaoka; Editing by Michael Watson)
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Related Keywords:US , SHARP , CUTS
