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JVC reports job cuts, trims 18% of workforce

Posted: 27 Sep 2007 ?? ?Print Version ?Bookmark and Share

Keywords:consumer electronics? job cuts? Japanese manufacturer?

Japanese consumer electronics manufacturer JVC will hand back to its 1,150 employees, or 18 percent of its parent-only workforce, their working papers by mid-October as part of its turnaround effort. According to a Reuters report, JVC would book a special loss of $96 million for 1H of the current business year, due to costs for the early-retirement plans. The loss is already factored into its earnings forecasts for the full year to March 2008.

The Yokohama-based company also revealed plans to sell its CRT component factory in China's Fujian province to a Hong Kong-based company for an undisclosed sum.

The Japanese manufacturer has been struggling for some time now, reporting losses for four straight years. Recently, Kenwood and Sparx Group purchased 30 percent of JVC from its parent company Matsushita Electric Industrial.

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