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Last updated at: (Beijing Time) Tuesday, October 28, 2003

Sony to cut 20,000 jobs over three years

Japan's Sony Corp said on Tuesday it plans to cut its workforce by about 20,000 over the next three years as part of a three-year restructuring plan aimed at improving profitability at its mainstay electronics division.


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Japan's Sony Corp said on Tuesday it plans to cut its workforce by about 20,000 over the next three years as part of a three-year restructuring plan aimed at improving profitability at its mainstay electronics division.

The consumer electronics and entertainment conglomerate also announced a joint venture with South Korea's Samsung Electronics for liquid crystal display (LCD) panels. The venture will be capitalized at about $2 billion.

These measures are part of Sony's plan to reach an operating profit margin of 10 percent by 2006/07. Price competition with more cost-efficient rivals, mounting inventory and an aging product lineup pushed its margin down to 2.5 percent in 2002/03.

The company aims to restore profitability at its mainstay electronics business and win over investors with details of a three-year, $2.8 billion restructuring. ($1=108.43 yen)

Source: Agencies












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