Pioneer to cut 2,000 jobs on sluggish plasma-display business
Tokyo - Pioneer Corp decided to cut 2,000 jobs in Japan and abroad and close three domestic plasma-display factories by the end of March as it withdraws from plasma-television production, the Nikkei financial newspaper reported Tuesday.
The Tokyo-based home electronics company instead plans to buy plasma TVs from Matsushita Electric Industrial Co, which agreed to form a partnership with Pioneer last month.
Pioneer also plans to transfer about 200 researchers and engineers in its plasma-display operations to Matsushita.
The company suffered a net loss for four years in a row but is undergoing a restructuring to be back in the black during the current fiscal year, which ends in March.
Pioneer already cut 780 domestic workers in fiscal 2005 amid sluggish plasma-television sales because of increasing price competition in the flat-panel industry. (dpa)
