Sony Announces Major Cost-Cutting
Sony Tuesday announced a major cutting of costs across the board, which will include a slashing of 8,000 jobs in its electronics business, in response to "sudden and rapid changes in the global economic environment."
The plan includes cutting 30 percent of its investment in the electronics business through March 2010, including postponing plans to expand its LCD production facility at the Nitra plant in Slovakia. The company will also cut manufacturing sites by 10 percent by the March 2010 date.
The job cuts, which will include work reassignments and outplacements, will also come prior to that date. Sony plans to announce more details in its financial results conference next month.