Markets

U.S. open in 51 hrs, 50 mins
10,309.92
-154.48
 
1.48%
2,138.44
-37.61
 
1.73%
1,091.49
-19.14
 
1.72%
101.406
0.5625
 
0.56%
5,245.73
51.60
 
0.99%
9,081.52
-301.72
 
3.22%
21,134.50
-1,075.91
 
4.84%
-0.0023
 
0.15%
-0.86
 
1.00%
1,177.80
-9.20
 
0.78%
75.97
-1.99
 
2.55%
Get Quote for:

Japan's Pioneer to Cut 10,000 Jobs

By SHINO YUASA
,
AP
posted: 288 DAYS 19 HOURS AGO
comments: 119
Text SizeAAA
TOKYO (Feb. 12) -Japanese electronics company Pioneer Corp. will cut 10,000 jobs globally to cope with sinking sales of car audio equipment and flat-screen TVs. It will also withdraw from its money-losing plasma display business.
Skip over this content
Skip over this content
Skip over this content
The massive job cuts, announced Thursday, are the latest from Japanese corporate giants, which are slashing their payrolls worldwide, reducing production and forecasting annual losses amid a global economic slump. Sony Corp. is shedding 8,000 workers while Nissan Motor Co. and NEC Corp. are each cutting 20,000.
Hit by the collapse in demand for car audio equipment and plasma TVs, Pioneer said its net loss in the current fiscal year to March will swell to 130 billion yen ($1.4 billion) from its previous estimate of a 78 billion yen net loss. It would be the fifth straight annual net loss for Pioneer.
The Tokyo-based company said it will slash 6,000 full-time salaried workers at home and abroad, accounting for 16 percent of the company's global work force of 36,900. It will also cut 4,000 contract workers at its Japanese and foreign plants. It did not give a regional breakdown.
Pioneer is also shutting two overseas plasma display assembly plants — one in Pomona, California, and the other in Castleford, Britain — by April. Some 350 employees at the two factories — 130 in the U.S. and 220 in Britain — are part of the 10,000 people subject to job cuts, said company spokeswoman Ema Suzuki.
The factory closures are part of the plan to withdraw completely from the display business by March, 2010, as the company concluded that it would be impossible to turn around the display business.
Skip over this content
Pioneer reported a net loss of 26.15 billion yen ($290.52 million) for the October-December quarter, nose-diving from a profit of 1.69 billion ($18.76 million) the previous year. Operating revenue declined 37.8 percent to 131.23 billion yen ($1.46 billion).
"Since the U.S. financial crisis and ensuing global downturn, our sales of car electronics products and flat-screen TVs plunged worldwide. We were severely hit by battered consumer sentiment," said Michiko Kadoi, another Pioneer spokeswoman.
A company statement said Pioneer would continue facing a tough business environment amid "intensifying competition involving our core products, as well as the impact of the worsening global economic downturn and the Japanese yen's rapid appreciation."
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-02-12 06:25:18
Bookmark:

Recent Comments

1 - 10 of 119
119 comments

Cthem12345 11:33:16 PM Feb 13 2009

Where on earth did they get this information? Pioneer is NOT withdrawing from the plasma TV business, especially considering they make some of THE best flat-screens on the market. The reality (unless something drastic has changed, which I doubt) is they are merely outsourcing the actual plasma display's "panel" to Panasonic, however, Pioneer will still install their technology that makes them the best.Whoever wrote this misread something somewhere or got false information.

ISSETTSOLDYETT 08:35:26 AM Feb 13 2009

ANYBODY EVER HEAR OF THE STOCK "FUTURES" MONEY HUNGREY GREED "SPECULATORS" AND HEDGE FUND "MOFOS" THEY "LEVERAGE" THE FUTURES AND GET RICH N U GET SCREWED! EVER HEAR OF "ENRON" GO "AMISH" N BUY A "HORSE" THAT WILL PUT "IT" TO THEM! SELL YOUR "HUMMER" BUILD A WINDMILL OR PUT UP A "SOLR" PANEL! NOW WE'RE TALKIN! PUSH MOW YOUR GRASS, RIDE A BIKE, JUST DON'T SIT THERE AND "BITCH" ALL DAY!

VDamico 05:38:42 AM Feb 13 2009

The reason the gas prices are going up while the oil prices are dropping is because money hungry companies like Exxon/Mobil are cutting back on the refining process. If we all boycotted just Exxon/Mobil we would see prices drop in a heart beat.Strength in numbers people. I refuse to buy any gas from Exxon/Mobil. Join me in this boycott and show them what we the people can do!!!!

VDamico 05:36:32 AM Feb 13 2009

The reason the gas prices are going up while the oil prices are dropping is because money hungry companies like Exxon/Mobil are cutting back on the refining process. If we all boycotted just Exxon/Mobil we would see prices drop in a heart beat.Strength in numbers people. I refuse to buy any gas from Exxon/Mobil. Join me in this boycott and show them what we the people can do!!!!

PRENUPT 04:40:04 AM Feb 13 2009

In all of this has anyone noticed gas prices starting to creep back up? Why not put all of this stimulus money into developing new energy. We would again be on top in manufacturing and put our workers back to work. What is the deal with people that don't see this?

Larrybum 04:05:27 AM Feb 13 2009

One of the greats! Thats really sad. Never had a problems with any of the tuners I have owned. Then I got a new one. I would give old one away to family and they all still works GREAT!

COBRY4949 03:37:34 AM Feb 13 2009

LOWER YOUR PRICES THERE IS NOW THE TVS PLAMAS ARE WORTH THAT MUCH. ITS NOT LIEK YOUR MAKING HTEM OUT OF GOLD OR SILVER

JLoveUSA 03:33:40 AM Feb 13 2009

there sure are a lot of dime store genuses on this posting, with all this know how we should be able to pull the US economy out of the shitter in no time?

Billycnr 02:10:17 AM Feb 13 2009

Coca-Cola has periodically given notice to employees in different positions to either reapply for their job or take a severance package and leave. They call the package early retirement. A loyal worker of thirty years just five years short of true retiremnet eligibility finds the decision disheartening. We were blessed. God gave my spouse a job with no stress, so he is healthier.He has no benefits, no paid holidays, pays for his own insurance and brings home only three fourths of CC salary, but we downsized and adjusted. Having a healthy, happy spouse is better than the money. God keeps us.My father worked for the Rice until he decided to retire at 72. The companies used to have loyalty to their employees and it was reciprocated. CCE has changed some things which has deteriorated moral, productivity and ability to maintain a seasoned workforce. Bottom line, they are constantly rehiring young men who either don't want to work as hard as the job demands or they have no work et

Mbestfrnd 01:57:43 AM Feb 13 2009

I once had a Pioneer stereo. What a piece of crap.

1 - 10 of 119
119 comments

Add your own Comments

Interest Rates

TypeCurrentAPR
30 Yr Fixed Mtg5.16%5.39%
5/1 ARM4.32%4.24%
$30K HELOC5.82%0.00%
36 Month New Car Loan7.20%0.00%
1 Yr CD1.59%1.60%

Headlines From AOL Money & Finance Partners