Toshiba can cut over 1000 jobs

10.12.2015

Japanese concern Toshiba Corp may cut more than 1000 jobs because of restructuring of the company's weakening business, in which Toshiba intends to sell an Indonesian factory producing televisions, reported business publication Nikkei.

Toshiba, the activities of which varies from the production of household appliances to the production of nuclear energy, is carrying out asset restructuring after the scandal of tainted financial statements, which cost the company $ 1.3 billion.

According to Nikkei, Toshiba is close to completing negotiations with electronics manufacturers in Taiwan, mainland China, and other countries for the sale of Indonesian factory producing televisions. The deal will likely bring them several billion yen.

Toshiba said in a statement that no decision has been taken, including the sale of the factory in Indonesia.

Toshiba shares rose 1.0 % on the Tokyo Stock Exchange amid a general downturn in the market.

The CEO, Masashi Muromachi, said that Toshiba may hold a number of cuts in the less successful parts of the company, in the production of household appliances, televisions, and personal computers.

Japan's stock market closed trading on Thursday falling amid negative dynamics of shipbuilding, rubber industry and financial services sectors.

At the close of the Tokyo Stock Exchange, Nikkei 225 fell 1.32% to monthly low.

The leaders of growth among the components of Nikkei 225 index were the shares of Mitsui Mining and Smelting Co. (T: 5706), which went up by 6.0 p. (2.71%), closing at 227.0. Quotes of The Kansai Electric Power Co. (T: 9503) rose 24.0 p. (1.75%), ending trading at 1399.0. Papers of Tokuyama Corp. (T: 4043) rose 3.0 p. (1.15%), closing at 265.0.

Leaders of falling were shares of The Yokohama Rubber Co., Ltd. (T: 5101), the price of which fell 161.0 p. (7.51%), ending the session at around 1983.0. Shares of SUMCO Corp. (T: 3436) rose 45.0 p. (3.78%), closing at 1146.0 and Isetan Mitsukoshi Holdings Ltd. (T: 3099) fell in price by 65.0 p. (3.70%) and closed trading at around 1691.0.

On the Tokyo Stock Exchange, the number of declining securities (1604) exceeded the number closed in positive territory (269).

Back Next suggested article