Pioneer To Cut 800 Jobs

Wednesday, February 13, 2013

Pioneer To Cut 800 Jobs

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Pioneer will cut about 800 jobs in Japan in order to cut costs as the company is facing a downturn in its business.

Besides the job cuts, Pioneer plans to reduce managers' salaries by 10 percent while holding talks with its labor union on reducing salaries of rank-and-file employees.

Pioneer is also considering consolidating overseas production of core business its core business, car electronics.

Regarding its Home Electronics business, Pioneer will spin off home audio equipment and related businesses into a separate company in July and reduce personnel in its optical disc business.

Pioneer's net loss expanded to 9.76 billion yen in the period from April to December from a profit of 6.57 billion yen a year before, reflecting the lackluster performance of its car navigation system business.