Japan's Nikon to cut 1,000 jobs - Hindustan Times
close_game
close_game

Japan's Nikon to cut 1,000 jobs

AFP | By, Tokyo
May 26, 2009 01:44 PM IST

Japanese camera and precision equipment maker Nikon Corp said on Tuesday that it would cut about 1,000 jobs, mostly at its domestic plants, as it braces for a loss this year.

Japanese camera and precision equipment maker Nikon Corp said on Tuesday that it would cut about 1,000 jobs, mostly at its domestic plants, as it braces for a loss this year.

HT Image
HT Image

Nikon said it would overhaul its operations making devices for use in the production of semiconductors. It will also downsize its subsidiary in Singapore and transfer part of the business to Taiwan.

Hindustan Times - your fastest source for breaking news! Read now.

The group aims to reduce its annual costs by about eight billion yen (84 million dollars).

Nikon has been hit by weak demand. Earlier this month it forecasted a net loss of 17 billion yen for the current business year to March.

Many manufacturers in Japan have announced job cuts in recent months to cope with the global economic downturn, which has depressed demand for the country's cars, electronics and other exports.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On