Sony is cutting 20,000 jobs, or about 13 percent of its global headcount, in the next three years in an effort to slash costs and boost it lagging profits.

The cost cuts, to save the company $2.8 billion a year, calls for Sony to trim production, distribution and service facilities by about 30 percent and stop Japanese production of cathode ray tubes for TVs by the end of this year, according to the report.

The company plans to "integrate overlapping administrative and corporate jobs to increase efficiency, such as by relocating U.S. electronics and marketing operations divided between the West and East Coasts mainly to the West Coast," according to the report. "In Europe, it will bring together consumer electronics marketing groups to a new location in Britain," the report said.

"The plan includes bringing together engineers in the company's home and mobile electronics sectors, such as cell phones, TVs and video-game consoles, to beef up development of computer chips and devices, Sony said," it added.

The company said the turnaround plan would boost efficiency and better integrate its entertainment, video-game and consumer electronics businesses, according to the report.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved