Tuesday, October 21, 2003
Sony Corp. plans to eliminate up to 20,000 jobs, or more than 12 percent of its work force, by March 2006 in a major restructuring, a Japanese newspaper reported Monday.
A Sony spokeswoman, Mariko Yamabe, confirmed that the company is conducting a review of its worldwide operations, and expects to announce a major restructuring Oct. 28.
Sony's electronics division has been struggling for more than a year amid the global downturn. Competition from Japanese rivals and a shift in consumer tastes for such products as flat-panel TVs and DVD recorders has hurt sales and left the company saddled with rising inventories.
Sony says it owns just 6 percent of the global market for liquid crystal display TVs, but is aiming to grab up to 30 percent by March 2004. It currently lags behind rivals such as Sharp, which is believed to control about 60 percent of the global and Japanese LCD TV markets. One of the strategies for Sony is to work with major player in LCD production in which Sony is in talk with Samsung last week to make LCD displays together
By: DocMemory
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