InfoAnda - Report: Sanyo to cut 1,000 workers

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Report: Sanyo to cut 1,000 workers AP - 1 hour 11 minutes ago TOKYO - Sanyo Electric Corp. is considering cutting up to 1,000 domestic workers in the next few months, as it scales back unprofitable businesses ahead of an expected buyout by Panasonic Corp., a press report said Tuesday. Sanyo may cut 500 regular workers from its workforce of 20,000 in Japan by the end of the fiscal year in March, the Nikkei business newspaper said. Another 500 contract and temporary workers could also be cut. The company, which is undergoing a broad restructuring, said in a statement it had made no such announcement, and a spokeswoman said nothing had been decided. In December, Panasonic began a $9 billion takeover of Sanyo, which is a well-known brand but has struggled to stay competitive with larger rivals in Japan's cut throat electronics industry. Sanyo was rescued in 2006 with a 300 billion yen bailout by large investors led by Goldman Sachs, who have agreed to sell their stake to Panasonic. The job cuts at Sanyo are likely to come in the company's struggling semiconductor business, as well as other weak areas such as home electronics, the Nikkei said. The company will also continue reassigning workers to its solar and rechargeable battery divisions, which have stronger growth prospects. A number of big-name Japanese companies have announced job cuts and production freezes in recent months, including Toyota and Sony. The global economic slowdown has hurt sales, and the yen's strength has reduced profits made overseas. 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 Iceland's Kaupthing to sue UK over bank actionAP - 21 minutes ago Indian FY09 exports to miss target- tradeReuters - 23 minutes ago Chettinad Cement to re-consider rights issueReuters - 28 minutes ago TEXT-Queenco buys Casino Beogard stake for 42 mln euroReuters - 34 minutes ago China FX watchdog to strengthen risk managementReuters - 35 minutes ago Most Popular – Business Viewed Steve Jobs has "hormone imbalance," to stay on as Apple CEO Jett Travolta died of 'seizure': Bahamas officials Pink iguanas discovered on Galapagos Islands Troops battle Hamas in Gaza cities as Israel spurns truce bids Milky Way spins faster, has more mass than thought: astronomers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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