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Toshiba to axe 7,000 jobs in 5 years: sources

08.11.2018, 19:02 3095
Toshiba Corp. is planning to cut about 7,000 jobs globally in the next five years as part of its restructuring efforts, sources close to the matter said Thursday, Kyodo reported.

Although most of the cutbacks will come through natural attrition, the company may offer employees the chance of early retirement to slash costs and adjust the disproportionately high ratio of employees aged 50 or older, according to the sources.

The plan will be included in Toshiba's midterm business plan to be released later in the day.

The Japanese technology conglomerate has been revamping its operations following an accounting fraud scandal that came to light in 2015 and the bankruptcy of its U.S. nuclear power plant subsidiary Westinghouse Electric Co. in 2017.

It sold its white goods business in 2016 and its personal computer, television and chip businesses earlier this year.

As of late June, the number of Toshiba group employees worldwide stood at about 132,000 after a round of business restructuring. The company expects about 1,000 employees to retire per year.

Toshiba had planned to downsize its coal-fired power generation business due to the spread of renewable energy such as solar and wind power, but decided not to conduct a drastic personnel cut for the sector as it expects a certain demand for maintenance work, the sources said.

Toshiba is also set to liquidate its British nuclear arm NuGeneration Ltd. after failing to sell the unit, which had a plan to build three nuclear reactors in Britain.

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