![]() ![]() If this proposal is approved by the stockholders, the record date for the stock split will be May 14, 1999, and the distribution date will be May 28, 1999. Implementation of the stock split is subject to stockholder approval of an increase in the number of shares of authorized common stock at the company’s Annual Meeting of Stockholders to be held on Wednesday, May 5, 1999. Hopkinton, MA - EMC Corporation announced that its Board of Directors has approved a two-for-one stock split in the form of a 100% stock dividend. NEC and its 130 subsidiaries employ 155,000 people worldwide.ĮMC CORPORATION ANNOUNCES TWO-FOR-ONE STOCK SPLIT NEC group companies will cut 9,000 jobs in Japan over the next three years and 6,000 jobs overseas. NEC said it expects a group net loss of 150 billion yen, or $1.25 billion, this year compared to its previous forecast of a net loss of 35 billion yen, or $292 million. A $500 million loss at NEC’s Packard Bell division in 1998 was also a huge blow. Japan’s prolonged recession, a rising yen and Asia’s economic crisis have battered NEC’s profits. ![]() NEC also disclosed that it expects to lose $1.25 billion this year and that it was cutting executives’ salaries and reducing spending on research and development. About 6,000 of the job cuts will be outside Japan. Tokyo, Japan - As The Associated Press reported, NEC Corp., Japan’s biggest computer maker, will cut 15,000 jobs, or 9.7 percent of its work force, over the next three years as it struggles to recover from slumping sales and massive losses at its Packard Bell division. NEC TO CUT 15,000 JOBS, NEARLY TEN PERCENT OF WORKFORCE Since 1987 - Covering the Fastest Computers in the World and the People Who Run Them ![]()
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