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Sanyo eyes job cuts ahead of buyout
Source: Agencies |
January 7, 2009, Wednesday
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SANYO Electric Corp is considering cutting up to 1,000 domestic workers in the next few months, as it scales back unprofitable businesses ahead of an expected buyout by Panasonic Corp, a press report said yesterday.
Sanyo may cut 500 regular workers from its workforce of 20,000 in Japan by the end of the fiscal year in March, the Nikkei newspaper said. Another 500 contracts and temporary workers could also be cut.
The company, which is undergoing a broad restructuring, said in a statement it had made no such announcement, and a spokeswoman said nothing had been decided.
In December, Panasonic began a US$9 billion takeover of Sanyo, which is a well-known brand but has struggled to stay competitive with larger rivals in Japan's cut-throat electronics industry. Sanyo was rescued in 2006 with a 300-billion-yen bailout by investors led by Goldman Sachs, who have agreed to sell their stake to Panasonic.
Sanyo may cut 500 regular workers from its workforce of 20,000 in Japan by the end of the fiscal year in March, the Nikkei newspaper said. Another 500 contracts and temporary workers could also be cut.
The company, which is undergoing a broad restructuring, said in a statement it had made no such announcement, and a spokeswoman said nothing had been decided.
In December, Panasonic began a US$9 billion takeover of Sanyo, which is a well-known brand but has struggled to stay competitive with larger rivals in Japan's cut-throat electronics industry. Sanyo was rescued in 2006 with a 300-billion-yen bailout by investors led by Goldman Sachs, who have agreed to sell their stake to Panasonic.
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