Toshiba shutting down three semiconductor plants in Japan

Electronics and manufacturing giant Toshiba said Wednesday it is to shut three semiconductor factories in Japan as part of a reorganisation of its business, as it grapples with falling profits.

It also said it would slow production at a number of plants over the winter because of the drop off in demand for electronic goods in the West, where battered economies are showing few signs of life.

Toshiba said the closure of the facilities would mean moving production to three other existing factories, allowing the company "to strengthen cost competitiveness and focus on higher value added products".

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