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Monday, April 09, 2012
Sony to Eliminate 10,000 Jobs, Report Says

Sony will slash about 10,000 jobs, the Nikkei newspaper reported on its website.

The Japanese electronics maker that has forecast a fourth straight annual loss, will reportedly slash 5,000 jobs from its businesses making chemicals and small-and medium-sized panels, the Nikkei reported.

Sony last month announced it was selling part of a chemical products subsidiary, while late last year the company had agreed to sell its near-50 percent share in a liquid crystal display venture with Samsung Electronics to the South Korean company.

Last month Sony CEO Kazuo Hirai also announced a new management structure for Sony intended to establish optimized decision making processes and accelerate the company's overall business management.

Sony more than doubled its annual loss forecast in February to 220 billion yen ($2.7 billion), blaming a stronger yen, production cuts caused by last year's floods in Thailand and the cost of exiting a display-panel venture with Samsung.

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