Sanyo Electric Co., Ltd, Japanese consuming electrics giant, announced on Wednesday that it will reduce two-thirds of its employees before the end of next January, according to International Finance News on September 29.

In its restructuring plan released in July, Sanyo will cut 14,000 jobs, accounting for about 15 per cent of its world's total staff. It will take three years for the corporation to finish the restructuring plan, which is scheduled to complete in March 2008.

Apart from employee reduction, Sanyo still said it will drop out the production of DVD players, DVD video recorders and videocassette recorders. The corporation will close down its Gunma chip plant in the current fiscal year and wish to reach cutting target of 170 billion yen or 1.5 billion US dollars in the three years to come.

By People's Daily Online