Reported 9 months ago
Japanese tech giant Sumitomo Chemical announced a global layoff of 4,000 employees due to a 650 billion loss, with reports of the production line in Tainan shutting down. The company's decision is influenced by a decrease in demand for LCD screens and increased competition from Chinese manufacturers, impacting its production of polarizing plates. As a result of oversupply in the market, the company plans to reduce polarizing plate production capacity by 30% by the fall of 2024, affecting its subsidiaries in Taiwan and South Korea as well.
Source: YAHOO