Japanese technology firm Fujifilm on Wednesday announced 10,000 job cuts by March 2020 in its Fuji Xerox subsidiary, which it said was facing an “increasingly severe” market environment.
The Tokyo-based firm announced “personnel reductions of 10,000 people domestically and overseas” at the subsidiary as part of a cost-cutting package that it hopes will save 50 billion yen ($460 million).
Founded in 1934, Fujifilm became synonymous with the photography business but has since expanded its operations into cosmetics and medical equipment.
Fuji Xerox, the subsidiary jointly owned by Fujifilm and Xerox, manufactures printers and copiers for offices mainly in Asia and the Oceania regions.
The subsidiary employs around 46,000 people, according to a Fujifilm spokeswoman.