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Sony cuts 8000 jobs, closes fabs

Posted on Tuesday, December 09 2008 @ 20:57:04 CET by

MarketWatch writes Sony will lay off 8,000 employees worldwide, about 5 percent of its workforce, along with a series of other measures to save money.

In addition to the layoffs, which account for about 5% of its global workforce, Sony said it will slash investments in its electronic business by 30% in the fiscal year ending Mar. 31 2010, withdraw from unprofitable businesses and step up outsourcing.

The moves, which include shuttering 10% of its 57 manufacturing sites worldwide, are intended to save more than 100 billion yen ($1.08 billion) in the next fiscal year.

"These initiatives are in response to the sudden and rapid changes in the global economic environment," Sony said in a statement posted on its Website Tuesday. In addition to layoffs among its full-time staff, Sony plans to reduce seasonal and temporary workers.



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