Saturday September 30, 2006 
Saturday September 30, 2006
Struggling electronics maker Sanyo is considering slashing up to 1,000 more jobs as it seeks to rebuild its appliance operations. Sanyo, Japan's third-largest consumer electronics maker, has already cut 15% of its work force as part of a sweeping restructuring that included closing factories, halving its debt and streamlining unprofitable operations such as appliances and chips.
Sanyo is considered a weak player in the cut-throat electronics industry, unable to produce goods efficiently enough to keep pace with the likes of Matsushita and Sharp. Heavy losses have battered its finances, forcing it earlier this year to issue 300 billion yen (US$2.6 billion) worth of preferred shares on very favourable terms to three financial institutions, which also effectively gained control of its board.
See also :
1. Sanyo to cut over 14000 jobs
2. Sanyo speeds up restructuring
3. S&P downgrades Sanyo to junk status
(2006-09-30 14:40:57 SGT)
[Biz]
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