Semiconductor Manufacturing International Company (SMIC), China's top foundry chipmaker, plans to downsize 10% of its workforce in a move to accelerate its progress towards profitability.

SMIC CEO David NK Wang was quoted in previous reports saying SMIC is eyeing a return to profitability in 2010, and expects to maintain double-digit gross margins through the last quarter of the year. The company posted its eleventh straight quarterly loss in the fourth quarter of 2009.

The layoffs will be implemented in April, the paper cited company sources as saying.

By: DocMemory
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