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Business |

Toshiba to axe 5,000 jobs as re-structure continues

Japan's Toshiba Corp is reported to have cut its staff count by 5000 – that's 10% of the total – as it tries to streamline its operations as a private company.

Last year, the giant Japanese electronics firm delisted from the Tokyo stock exchange after 74 years. The change came after an accounting scandal and falling sales. That prompted share sales and the offloading of some parts of the business including the unit making flash memory chips for smartphones.

Now in private hands, Toshiba is focusing on the production of power chips for the booming electric vehicle (EV) market. It plans to spend USD 175.57 million to more than double its capacity and catch up with market leaders such as Infineon Technologies.

But the new direction clearly demands a more streamlined workforce. Hence these new reports of drastic job losses. According to Nikkei, Toshiba is downsizing non-core businesses and will book a one-time cost of roughly USD 650 million as a result.
 


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May 14 2024 7:33 am V22.4.46-1
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