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31/08/2001
Hitachi confirms global jobs cuts
Electronics manufacturer, Hitachi has confirmed it will slash its global workforce by 14,700.
While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
The company has also warned that it expects to make a 140 billion yen loss for the full year to March, rather than the 90 billion yen profit it had previously predicted.
The news has saw Hitachi shares fall as much as five and a half per cent to 962 yen.
The company said it was reducing its planned capital spending in the troubled semiconductor sector to 60 billion yen from the original 140 billion yen.
Hitachi's move is the latest in a series of job cuts totalling around 65,000 among Japanese electronics makers, including Toshiba and Fujitsu. (MB)
While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
The company has also warned that it expects to make a 140 billion yen loss for the full year to March, rather than the 90 billion yen profit it had previously predicted.
The news has saw Hitachi shares fall as much as five and a half per cent to 962 yen.
The company said it was reducing its planned capital spending in the troubled semiconductor sector to 60 billion yen from the original 140 billion yen.
Hitachi's move is the latest in a series of job cuts totalling around 65,000 among Japanese electronics makers, including Toshiba and Fujitsu. (MB)
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