Tokyo: Japanese camera maker Olympus Corp Friday said it would slash 2,700 jobs worldwide, or seven percent of its workforce, in the next two years as part of an effort to boost its profitability.
"...We will reduce the number of employees by approximately 2,700 (approximately 7 percent of worldwide employees) by March 31, 2014, by restructuring subsidiaries, global production sites, etc., in addition to enhancing the efficiency of the indirect workforce at headquarters and in each business domain," Olympus said in a statement.
The firm, which has presence in India, has nearly 40,000 employees worldwide.
The camera maker, which was hit by accounting scandal, said it would consolidate manufacturing base by 40 percent of the 30 production sites operating worldwide by end of March 2015.
Olympus is expecting to swings into a profit in the current fiscal year. It expects to post a net profit of 7 billion yen in FY13.
Besides, the company is aiming to clock a net profit of 40 billion yen for the fiscal year ending March 31, 2015 and 85 billion yen by end of March 2017.
Olympus also plans to redefine its core business in the medical, life science and industrial and imaging sector which will enable the entity to abandon the previous excessive emphasis on sales, comprehensively review cost structures and achieve growth with profitability while pursuing efficiency.
The company aims to multiply its capital adequacy ratio to 30 percent for fiscal year ending 2017.
PTI
