Alps Electric to layoff 3'000 worldwide

The company is expecting net losses of roughly JPY 8.5 billion (USD 93 million) for the fiscal year ending March, compared to the previously forecasted profit of JPY 1.3 billion, dragging sales is said to be the reason behind the gloomy figures. Satoshi Yamamoto, a company spokesman, told Bloomberg that the job cuts are aimed to improve profitability. The reductions is expected to be completed by March 2014. The company will firstly lay off part time and contracted workers, but the layoffs will also affect full-time employees.