Olympus cutting 2700 jobs

Discussion in 'Digital Photography' started by RichA, Jun 8, 2012.

  1. RichA

    RichA Guest

    BBC:

    8 June 2012 Last updated at 06:44 ET
    Olympus plans to cut 2,700 jobs

    Olympus, the Japanese camera and medical equipment maker says 2,700
    jobs will go as part of a five-year plan.

    It lost 49bn yen ($618m; £400m) in the year to the end of March, but
    forecasts a profit of 7bn yen in 2012-13.

    Last year, the company admitted hiding losses of 130bn yen.

    Olympus also approved on Friday a £10m settlement with former chief
    executive Michael Woodford, who was sacked by the company's board
    after raising the accounting irregularities.

    Mr Woodford, a Briton, had filed a complaint of wrongful dismissal
    against his former employer, claiming he had been fired for blowing
    the whistle on the accounting scandal.

    Olympus had said its decision to dismiss Mr Woodford, the company's
    first foreign chief executive, had been due to a clash of culture.
    High debts

    Olympus, the world's biggest maker of endoscopic cameras used by
    surgeons, is suffering with relatively high costs and debts.

    It will reduce its global workforce by 7% by 2014, and cut the number
    of its factories around the world from 30 to 18 by 2015.

    In its statement, the company said it wanted to "restore its financial
    health".

    Currently, shareholder money accounts for less than 5% of the company
    and the rest is financed by debt.

    A debt-to-equity ratio of 20% is generally considered healthy. The
    group has hinted that it will ask shareholders for additional capital
    in a share sale.

    There had been reports that consumer electronics maker Panasonic could
    buy shares in Olympus.

    However, the BBC's Tokyo correspondent, Roland Buerk, said: "There's
    talk of a tie-up. Panasonic has said it's not interested but Fujifilm
    does seem to be interested."
    RichA, Jun 8, 2012
    #1
    1. Advertising

Want to reply to this thread or ask your own question?

It takes just 2 minutes to sign up (and it's free!). Just click the sign up button to choose a username and then you can ask your own questions on the forum.
Similar Threads
  1. EvilGodShooter

    amd athlon 2700+ XP temperatures

    EvilGodShooter, Apr 19, 2005, in forum: Computer Support
    Replies:
    7
    Views:
    3,881
    EvilGodShooter
    Apr 21, 2005
  2. Adam Lipscombe
    Replies:
    1
    Views:
    11,349
    linker3000
    Sep 26, 2006
  3. Matalog

    Uniross 2700 Batteries

    Matalog, May 17, 2007, in forum: Digital Photography
    Replies:
    1
    Views:
    450
    carrera d'olbani
    May 18, 2007
  4. RichA
    Replies:
    4
    Views:
    369
    John Turco
    Jan 12, 2011
  5. RichA
    Replies:
    2
    Views:
    228
    Joe Makowiec
    Feb 6, 2013
Loading...

Share This Page