Toshiba to axe 3,000 jobs and close two factories

Japanese manufacturer Toshiba is to cut staff numbers by 50% in its TV division by March, 2014 and close two of its three factories which produce its displays.

The company shuttered a display factory in Japan last year and the latest announcement is said to have followed a period of falling demand and aggressive pricing from Chinese and South Korean competitors.

The firm has factories in Indonesia, China and Poland but it is unclear which facilities will be closed.

Toshiba said it will focus more on emerging markets in Asia and Africa, and on developing its ultra HD 4K LCD display offerings.