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Friday, September 23, 2005
In a major restructuring plan, Sony announced that approximately 7% of their workforce will be laid off between now and March 2008. Nearly 4,000 of the job losses will be in Japan itself.
The plan to try and revitalise the company is the brainchild of Sir Howard Stringer, the company's first ever non-Japanese CEO. Apart from the job losses, eleven of the company's 65 manufacturing plants will be closed or put up for sale. Restructuring follows considerable stock price falls over the last five years with the share value reduced to less than 40% of the 2000 value.
As well as announcing restructing plans, Sony announced an expected loss of 10 billion yen (US$ 90 million) during the current financial year.
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This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Note that some listed sources or external links may no longer be available online due to age.
The text of this article has been released into the public domain. In the event that this is not legally possible, this article may be used for any purpose, without any condition, unless such conditions are required by law. This applies worldwide. Copyright terms on images, however, may vary, so please check individual image pages prior to duplication.
