Onkyo to Cut Jobs in Core Business by 30 Pct

Economy

Osaka, Nov. 11 (Jiji Press)--Onkyo Corp. <6628> said Monday it will cut 30 pct of the workforce in its core home audio and video equipment business in an effort to improve profitability.

The Japanese company will move its headquarters from the western city of Osaka to the nearby city of Higashiosaka, and consolidate its technical divisions, currently split between three different locations in Osaka and Tokyo, to Osaka.

It will also slash the number of executive posts by half.

Through the steps, Onkyo aims to save some one billion yen annually.

In May, Onkyo announced plans to sell the home audio and video equipment business to U.S. audio equipment maker Sound United. But the deal was scrapped in October after they failed to reach agreement on some conditions.

[Copyright The Jiji Press, Ltd.]

Jiji Press