Mitsui E&S to Relocate, Cut 1,000 Jobs

Economy

Tokyo, Nov. 11 (Jiji Press)--Mitsui E&S Holdings Co. <7003> said Monday it will relocate or cut 1,000 jobs as part of turnaround efforts as it forecasts a record net loss for the year ending in March 2020.

For the year, the Japanese shipbuilding and heavy machinery maker expects to post a consolidated net loss of 88 billion yen in the third straight year of red ink.

The downbeat outlook mainly reflects a loss of about 71.3 billion yen the company plans to book in connection with the construction of a thermal power plant in Indonesia.

It marks the third time that Mitsui E&S will book a loss related to the project. "Risk management was lax," Ryoichi Oka, the company's president and chief operating officer, said at a press conference in Tokyo.

Of the 1,000 jobs, 600 to 700 will be cut while the remainder will be relocated. In addition, the company will sell properties, including plants, to generate 70 billion yen in the current business year.

[Copyright The Jiji Press, Ltd.]

Jiji Press