Axing! Sony’s new strategy

IIPM-PRESS CENTRE

Japanese electronics and entertainment conglomerate Sony, is gearing up to handover 1000 pink slips worldwide (which amounts to about 7% of its total workforce) and close down 11 manufacturing plants by end-2007. The move is part of a radical overhaul plan designed to boost its profits and revitalise its faltering electronics business. Expecting a group net loss of $90 million for the current fiscal, the ailing consumer electronics giant would be able to save to the tune of $1.8 billion with this restructuring exercise.

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Source: IIPM-Editorial,2006