InfoAnda - Reports: Pioneer to pull plug on TV business

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Reports: Pioneer to pull plug on TV business AP - Sunday, February 8 TOKYO - Pioneer Corp. is pulling the plug on its money-losing flat-screen TV business as plunging global demand and intense competition left the Japanese electronics maker with little hope of turning the segment around, local media reported Saturday. ADVERTISEMENT The sudden move is the latest strategic shift among Japanese manufacturers reeling from an accelerating global downturn and scrambling to stem losses. The Nikkei financial daily said Pioneer will stake its future on its core car electronics business, which now accounts for more than half of its total revenue. The Tokyo-based company said in October that it expects to fall deeper into the red this fiscal year through March. It forecasts a 78 billion yen ($846.6 million) net loss, with its home electronics division, which includes televisions, posting an operating loss of 27 billion yen. Pioneer had originally decided to stop making its own plasma display panels and instead use Panasonic Corp. panels in its TVs, but the deteriorating business outlook forced the company to abandon the segment altogether, the Nikkei and Kyodo news agency reported. Pioneer will also move its DVD player operations to a new joint venture with Sharp Corp. and plans to cut thousands of jobs next fiscal year, the Nikkei said. In a statement, Pioneer said the news reports were not based on official information from the company. It said details on restructuring measures would be unveiled Thursday when it releases earnings. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Ukraine CPI up 2.9 pct m/m in Jan-stats officeReuters - 1 hour 13 minutes ago Early push positioned states for green jobs nowAP - 1 hour 41 minutes ago Iraqi oil minister says OPEC to cut productionAP - 1 hour 55 minutes ago Military repels attack on gas plant in NigeriaAP - Sunday, February 8 World Bank to lend $2 bln to Pakistan in 2009Reuters - Sunday, February 8 Most Popular – Business Viewed Bus-sized boa slithers into record books Toyota warns of 4.9 bln dollar annual loss French 'rogue trader' blames bosses 'Horrifying' year for SAS ends with losses, layoffs Volvo Group reports big loss but share price soars View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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