Bisco to cut 2,000 jobs in manufacturing and construction

Bisco, the global manufacturing giant that owns parts of the major electronics firms, has laid off 1,200 people.

The company announced on Thursday it was reducing its workforce by nearly two-thirds to about 2,200 in the manufacturing and supply chain, including the supply chain for its electronic components, to about 1,400 people.

In 2018, Bisco had a workforce of about 4,700.

In 2020, it had 2,500 workers.

Bisco has been struggling with falling production of its semiconductor products.

The news comes after the global financial crisis in 2007-08.

The US Department of Labor said the global economy contracted at an annualised rate of 0.8 per cent in 2018, while manufacturing contracted at 0.4 per cent.

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