Toshiba to Cut 7,000 Jobs over 5 Years

Economy

Tokyo, Nov. 8 (Jiji Press)--Toshiba Corp. <6502> said Thursday that it will cut 7,000 jobs, or 5 pct of its group workforce, over five years, an additional restructuring measure after the sale of its flash memory unit.

The major Japanese electronics and machinery maker will withdraw from liquefied natural gas operations in the United States, incurring a related loss of some 93 billion yen for fiscal 2018 through next March.

Toshiba will also wind up its British nuclear plant business unit, NuGeneration Ltd., or NuGen, a move that will cause a loss of 15 billion yen. Negotiations on the sale of the unit have not gone well.

Citing these factors, Toshiba revised down its consolidated net profit estimate for the year to 920 billion yen from the previous projection of 1.07 trillion yen.

Under a five-year business plan from fiscal 2019 announced the same day, Toshiba said it will quit noncore operations and optimize its workforce.

[Copyright The Jiji Press, Ltd.]

Jiji Press