Nikon to cull 1,000 jobs

Source: Agencies | May 27, 2009, Wednesday |

Print Edition

JAPAN-BASED camera maker Nikon Corp said yesterday that it will cut 1,000 jobs to try to stem losses this year.

It will slash 800 non-regular employees, such as contract and part-time workers, from its domestic manufacturing workforce of 2,900 by March 2010, said spokesman Katsuhiko Kaneko. It plans to cut another 200 from its marketing and servicing staff in Japan and overseas.

The job cuts are expected to save the company 8 billion yen (US$84 million) in annual costs, Nikon said.

Like other Japanese exporters that have announced job cuts, Nikon has been battered by the unprecedented drop in global demand for the country's cars and electronics. Sony Corp is in the midst of cutting 16,000 workers globally.

Nikon forecast a net loss of 17 billion yen in the fiscal year through March 2010. It posted a net profit of 28.1 billion yen last business year on sales of 879.7 billion yen.

The Tokyo-based manufacturer best known for its cameras said its precision equipment business has been hit particularly hard amid falling demand for steppers, a device used to make semiconductors.

Its restructuring efforts thus far haven't been enough to cope with deteriorating business, said Nikon.

Consumer

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Nikon to cull 1,000 jobs

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