Japan's Pioneer to cut 2,000 jobs
Japanese electronics maker Pioneer Corp plans to cut 2000 jobs as it restructures its plasma television operations.
By Agencies |
TOKYO: Troubled Japanese electronics maker Pioneer Corp plans to cut 2,000 jobs as it restructures its plasma television operations in an effort to return to profit, a report said on Tuesday.
The job losses in Japan and overseas, which are expected to be implemented in the current fiscal year to next March, follow the company's decision in March to stop making plasma display panels.
Instead it will buy them from Matsushita Electrical Industrial Co.
The Nikkei said Pioneer would transfer about 200 researchers and engineers involved in the plasma operations to Matsushita.
Pioneer, which is expected to report later today a fourth straight year in the red, has had a hard time in recent years after being saddled with overcapacity in plasma display panels amid declining prices.
Its problems arose in 2004 when it bought the plasma display panel-making operations of NEC Corp, hoping to become the world leader. But one of its key customers, Sony Corp, later stopped making plasma TVs.
The company said in a statement that it would announce the details of any restructuring measures at 1130 IST along with its financial results.
The job losses in Japan and overseas, which are expected to be implemented in the current fiscal year to next March, follow the company's decision in March to stop making plasma display panels.
Instead it will buy them from Matsushita Electrical Industrial Co.
The Nikkei said Pioneer would transfer about 200 researchers and engineers involved in the plasma operations to Matsushita.
Pioneer, which is expected to report later today a fourth straight year in the red, has had a hard time in recent years after being saddled with overcapacity in plasma display panels amid declining prices.
Its problems arose in 2004 when it bought the plasma display panel-making operations of NEC Corp, hoping to become the world leader. But one of its key customers, Sony Corp, later stopped making plasma TVs.
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The company said in a statement that it would announce the details of any restructuring measures at 1130 IST along with its financial results.
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