Olympus: job cuts, plant closures|
(Wednesday, May 11, 2005 - 15:50 EDT)
A news article from Forbes.com today details further plans from Olympus Corp. aimed at returning the company to profitability.
According to Forbes, Olympus is planning to cut 4,000 jobs - 13% of its total workforce - to bring it down to 26,000 employees worldwide over the next 4-5 months. The majority of the job cuts will come from the company's Chinese operations. By next March, Olympus will apparently also close two components plants in Japan, consolidating its domestic production in Nagoya. The changes are intended to cut operating costs by ¥13 billion.