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Toshiba launches early retirement programs
Toshiba Corporation and some of its consolidated subsidiaries have decided to implement early retirement incentive programs, as part of the structural reform to improve core earning power.
Toshiba has just launched its “Toshiba Next Plan”, a five-year transformation plan for the group with the basic objective to enhance shareholder value. For this purpose the company will implement measures to improve its core earning power – this is something that will be achieved through a structural reform of the company. This means that Toshiba will exit non-focus businesses, withdrawing from the liquid natural gas business and the nuclear power plant business in the UK. The company will also optimise its workforce, reorganise production bases and reduce the number of subsidiaries, the company says. To reform procurement, it will apply various measures to lower its cost rate. Reforms of sales activities aims to improve overall efficiency while strengthening the sales force. Additionally, Toshiba says it has planned capital expenditure of approximately JPY 810 billion (EUR 6.23 billion) and R&D investments of approximately JPY 930 billion (EUR 7.15 billion) to grow new businesses, improve profit margins and generate future cash flows. Back in June 2018, Toshiba completed the transfer of the Memory business. In October 2018, the company also completed the transfer of the PC business, which followed the February 2018 completion of transfer of the Visual Products business. These transactions significantly changed the scope and scale of Toshiba's overall business. Due to these massive changes within the group, Toshiba and some of its consolidated subsidiaries have decided to implement early retirement incentive programs in Japan. The company says that it will implement a program to build a staff organisation appropriate for the sales scale, in response to a reduction in the group's sales, downsized business scale and changes in the business portfolio. The anticipated scope is 1’060 employees in total; 200 at Toshiba (including its subsidiaries); 800 at Toshiba Energy Systems & Solutions (including its subsidiaries) and 60 at Toshiba Digital Solutions. The company also says that in addition to the above, some other consolidated subsidiaries are considering early retirement incentive programs which would apply to between 300 – 400 employees in total.
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