Japan Display to save $455 million a year from structural reforms

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TOKYO (Reuters) – Japan Display Inc on Wednesday said it would reduce 50 billion yen ($455 million) in annual fixed costs through restructuring steps, including consolidating production sites and cutting jobs.

The liquid crystal display (LCD) maker said it would cut about 3,500 jobs overseas and 240 jobs in Japan.

It also received a new line of credit worth 107 billion yen from its main lenders, the company said.

Reporting by Chris Gallagher; Editing by Himani Sarkar