Japanese electronics producer Sony Corp will cut 6% of its global workforce which amounts to 10,000 jobs in an attempt to turn profitable after four years of losses, reports said.
Sony Corp, joined by NEC Corp Sumco Corp and brokerage Daiwa Securities cutting costs to revamp their business.
As of end-March 2011, Sony had 168,200 employees on a consolidated basis, according to its website.
According to reports, 50% of the new round of job cuts would come from consolidating the firm's chemicals and small and midsize LCD operations.
The electronics major’s new CEO, Kazuo Hirai who took charge from from Kazuo Hirai on April 1 will elaborate on his plans on Thursday. Hirai would now be directly in charge of the company’s TV business. Stringer will become the Chairman of the company after a meeting in June.
The company said in March that it would sell part of a chemicals and devices subsidiary that makes films and adhesives used in televisions, cameras and mobile phones to state-backed Development Bank of Japan Inc.
Last year, it merged its small LCD panel business with those of Toshiba Corp and Hitachi Ltd into a new company called Japan Display.
Sony, which was valued at $200 billion in Sep 2000, now has a market capitalization of $20 billion, as against $591bn of rivals Apple and $171bn of Samsung.
For the financial year ended March, the ailing electronics maker expects net loss of 220bn yen.
By RAZI ANWAR (PGDM 2nd sem)