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TDK Cuts 8,800 From Workforce

Tokyo – TDK reported today it will slash its worldwide workforce by 24 percent in an attempt to counter week sales and profits for its fiscal year.

About 2,300 jobs will be eliminated in Japan and another 6,500 from overseas facilities, including more than 2,000 from the U.S., by the end of the 2003 business cycle. Some of the cuts have already been implented. The company had about 37,000 employees.