Pioneer Corp. said it will cut 10,000 jobs as lower-than-expected sales of car electronics and unprofitable television operations force it to project a wider annual net loss.
The company will withdraw from the TV business by March 2010 and cut 10,000 jobs worldwide, including 6,000 full-time positions, Tokyo-based Pioneer said today. The company said that it would implementat early retirement programs including personnel in administrative and sales divisions.
Overseas, the company ahs decided to close plasma display production facilities in the U.S and U.K. display. Pioneer expects to complete these restructuring measures within the first half of 2009.
"Through this process, Pioneer aims to transform itself into an enterprise centered on the Car Electronics business," reads Pioneer's announcement.
In the optical disc business, Pionner said that it was considering measures for improving profitability,including forming a joint venture. No more details were revealed.
Pioneer will develop Home Electronics business centered on three areas, namely audio products, DJ equipment and cable TV set-top box businesses.
The company expects growing demand for higher levels of environmental performance and energy efficiency in the automotive field.
The company plans to expand new lineups, including Blu-ray Disc compatible models and network-ready products, as well as strengthen the telematics business.
In the OEM business, Pioneer will work to win a broader range of orders, especially in
the car navigation business.