JVC Cutting Over 1000 Jobs
The Japanese electronics maker JVC on Tuesday announced plans to cut 1,150 workers, or about 18 percent of its work force. The cuts will all take place by mid-October, Reuters reported.
The struggling manufacturer, which merged partially earlier this year with Kenwood and may do so fully in 2008, will eliminate most of the jobs through offering earlier retirement packages. JVC will also take a one-time charge of the equivalent of $96 million.
JVC, which was long owned by the Matushita Corp., was nearly purchased earlier this year by Texas Pacific Group, but the deal full through before it was consummated.