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Pioneer Corp. to slash 10,000 jobs

12 February 2009 16:25 (UTC +04:00)

Bakuâ€“ APA-Economics. Japanese electronics giant Pioneer Corp. said Thursday it would cut 10,000 jobs worldwide and quit the television business as it braces for a record loss in the year to March.
The job losses are the latest in a wave of layoffs by Japanese companies as the global economic crisis batters Asia’s largest economy.
Pioneer plans to axe about nine of its 30 production companies around the world and reduce its top management’s pay by 20-50 percent, AFP reported.
The company forecast a net loss of 130 billion yen (1.4 billion dollars) for the current financial year to March, its biggest ever. The previous year it had made a loss of 18.0 billion yen.
Pioneer has had a hard time in recent years after being saddled with overcapacity in plasma display panels amid declining prices.
Pioneer said it had already cut 5,900 regular jobs and 4,000 temporary posts between March and December 2008.
Other Japanese electronics makers including Sony, Toshiba, Panasonic and Hitachi have also reported losses and big job cuts due to the economic crisis.