Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Sony Announces Job Cuts, Plant Closure

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

Sony (NYSE: SNE  ) today announced more details of its plans to slash 10,000 jobs by the end of March.The job cuts announced today total about 2,000, including a 20% reduction of its workforce at its Japanese headquarters.

One location, in Minokamo, where 840 employees manufacture interchangeable lenses for digital SLR cameras, lens blocks, and mobile phones, will be shut altogether. The company will use early retirement programs to "assist employees to secure new opportunities outside the Company," according to its press release.

Sony  announced in April that it was planning on cutting 10,000 jobs from its global workforce in FY12, mostly in the electronics business, as it tries to streamline operations and increase efficiency. Sony's announcement today emphasized that it will now be focusing increasingly on smartphone production.

As a part of its efforts to focus operations, Sony sold its chemical products business in September. The full FY 2012 restructuring efforts are expected to cut annual fixed costs by 30 billion yen -- €”or about $378 million -- €”for FY14 and onward. Sony lost more than 450 billion yen ) in its last fiscal year, which was its fourth consecutive year of losses.

John Divine has no positions in the stocks mentioned above. You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine.

 The Motley Fool is short Sony (ADR) and has the following options: long JAN 2013 $22.00 calls on Sony (ADR). Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2066151, ~/Articles/ArticleHandler.aspx, 10/23/2016 6:38:13 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 1 day ago Sponsored by:
DOW 18,145.71 -16.64 -0.09%
S&P 500 2,141.16 -0.18 -0.01%
NASD 5,257.40 15.57 0.30%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/21/2016 4:02 PM
SNE $32.11 Down -0.61 -1.86%
Sony CAPS Rating: ***