Tags: electronics, employees worldwide, jobs, sony downturn, workforce
Sony is slashing 8,000 jobs, or 4 percent of its global work force, aiming to cut costs by $1.1 billion a year as an economic downturn and a stronger yen batter profits at the Japanese electronics maker.
Sony Corp., which has 185,000 employees worldwide, said Tuesday it will complete the job cuts — all in the electronics sector — by the end of March 2010.
The company will close several plants, including one in Dax, France, cut investment in electronics and outsource some work. The moves will deliver more than 100 billion yen ($1.1 billion) in savings a year by March 2010, the company said.
The global financial crisis is hitting the U.S., European, Japanese and emerging nations’ economies, said Senior Vice President Naofumi Hara.
“Now we are all facing a recession together,” he said. “It is impossible to predict how much longer the situation will last.”
Sony’s announcement comes amid similar news from other Japanese manufacturers, which face plunging demand at home and abroad, as well as falling gadget prices and currency fluctuations. But Sony’s job cuts are Japan’s biggest since the U.S. credit crunch hit over the summer.
Read complete article at Yahoo! News
