Tuesday, December 9, 2008

Sony to cut 8,000 jobs

Sony is slashing 8,000 jobs, or 5 per cent of its global electronics work force, aiming to cut costs by $1.1 billion a year as a global downturn batters profits.

Sony Corp said it will cut the jobs from its electronics operations, which employ about 160,000 workers, by the end of March, 2010. It did not give a country breakdown for the layoffs.

Sony has already cut production and lowered inventories, but tough times demand more drastic efforts, the company said in a statement.

The electronics industry has been hurt by plunging prices, currency fluctuations, intense competition and a global slowdown in consumer spending.

Sony will end production at some plants, including one in France that makes tape and other recording media, and will continue moving electronics production to lower-cost areas. Manufacturing sites will be reduced by about 10 per cent from 57 today,

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