TOKYO -- Reeling from its worst downturn in 30 years, Sanyo Electric will cut up to 1,200 jobs and close one to two chip factories, the company said.

Sanyo also revised its fiscal year guidance, lowering it to flat profits from previous guidance of a profit of $393 million.

The jobs cuts represent about 1.2% of the company's global workforce.

Sanyo makes everything from white goods to semiconductors. The company is being purchased by Panasonic Corp.

The downturn in memory demand is pushing Sanyo to close up to two of its six chip factories. "I've been doing this for 30-plus years, and I haven't seen an economic downturn come on so suddenly," Sanyo executive director Koichi Maeda is reported to have said.

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