Sony has announced that the company will be cutting jobs and streamlining costs, becoming the next major corporation to cut jobs in light of the current global economic crisis.
Sony will be cutting as many as 8, 000 jobs as well as cutting down on planned investments as a direct result of the current economic state and the strength of the Japanese currency. According to the New York Times, citing Kazuharu Miura, an analyst who covers the electronics industry at Daiwa Institute of Research, Sony has cut 4, 000 jobs abroad and 5, 000 in Japan since 2003, resulting in savings of around 83 billion yen per year.
“These initiatives are in response to the sudden and rapid changes in the global economic environment, ” Sony said in a statement.
Current plans for cuts inlcude job losses and the closure of a number of plants. According the the Associated Press a plant in Dax, France, which makes tapes and other recording media will be among the plants to be shut but Sony declined to release a full list of affected plants. Sony hopes to save more than 100 billion yen a year by March 2010.
The announcement comes just one day before Yahoo! is expected to announce around 2, 000 cuts that will affect workers before year's end.