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Sanyo plans to cut 15% of workforce, say reports

Posted: 07 Jul 2005 ?? ?Print Version ?Bookmark and Share

Keywords:electronics? liquid-crystal display?

Sanyo Electric, one of Japan's major electronics manufacturers, said it plans to cut 14,000 jobs, or about 15 percent of its 96,000-person global workforce, over the next three years, according to online reports.

Sanyo announced plans to close a subsidiary in China that makes chips and liquid-crystal displays, according to a Bloomberg report, which referred to a statement issued Tuesday (July 5).

The company said it would cut staff by closing or selling a substantial number of factories, cut operating costs by 70 billion yen (about $625 million) and halve its debts of 1,200 billion yen in three years, according to a Financial Times report. Sanyo said it is aiming for an operating profit margin of 5 percent in the year ending March 2008, according to a Reuters report.

Sanyo has installed a new management team and is overhauling its operations after posting a net loss of 171.54 billion yen (about $1.54 billion) for the year to March 31, according to the Reuters report.

No information about the restructuring plan could be found at the company's website when this story was first posted.

The Sanyo restructuring is the responsibility of Tomoyo Nonaka and Toshimasa Iue who became chief executive officer and president respectively on June 29.

Nonaka, who also was made chairman of Sanyo, is unusual in Japanese business in two ways the report said; she is a female in charge of a listed company and also is a former journalist with no experience of running a company. Iue is the chairman's son and grandson of the founder.

- Peter Clarke

EE Times





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