Semiconductor firm sacks 266 staff

Radio Australia, 14 July 2001, 17:06:28 AEST

Taiwan’s United Microelectronics Corporation has reportedly fired 266 employees and warned of further layoffs.

The Economic Daily News says the move is the first major layoff by a leading semiconductor company in Taiwan.

The second largest microchip maker in Taiwan has also stopped installing equipment in a new plant and has told some employees to take a holiday until the end of this year.

Company chairman Robert Tsao says the speed and magnitude of the industry slowdown has surpassed industry forecasts.