Sony has become the latest multinational to announce restructuring plans in anticipation of difficult financial conditions in fiscal 2009.
The electronics company has announced that it will cut 8,000 regular workers, reduce investment and withdraw from non-core businesses as the economic downturn impacts on demand for electronic products.
In addition to cutting jobs, Sony said it would withdraw from unprofitable businesses and reduce investment in its electronic division by 30 per cent in the fiscal year ending 31 March 2010.
Sony highlighted its semiconductor business as one area where it would make expenditure cuts by outsourcing a part of its planned increase in manufacturing of Complementary Metal Oxide Semiconductor (CMOS) image sensors to third parties.
The company also plans to end production at two of its overseas manufacturing sites and reduce the total number of manufacturing sites by around 10 per cent by March 31 2010.
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17 months or two and a half years - which is it?