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Sony Slashes 8,000 Jobs

By the Associated Press

Posted Dec 9, 2008 6:25 AM CST

(AP) – Sony is slashing 8,000 jobs, or 4%of its global work force, aiming to cut costs by $1.1 billion a year as a global downturn and stronger yen batters profits at the Japanese electronics maker. Sony, which has 185,000 employees worldwide, said today it will complete the layoffs by the end of March 2010. Some 80% of Sony's sales come from overseas.

The company will close several plants, including one in France, cut investment in electronics and outsource some work. The moves will deliver more than 100 billion yen ($1.1 billion) in savings a year by March 2010, the company said. "Now we are all facing a recession together," said a senior vice president. "It is impossible to predict how much longer the situation will last."

[Images (4)]

[Videos (1)]

Sony Corp.'s showroom Sony Building is seen in Tokyo's Ginza shopping district, Tuesday, Dec. 9, 2008. (Itsuo Inouye)

Graphic shows July-September net profit and sales for the Sony Corp.

In this Dec. 11, 2007 file photo, Sony Corp. Chief Executive Howard Stringer gives a speech during a press conference at Sony's headquarters in Tokyo. (AP Photo/Katsumi Kasahara, FILE)

This is a April 26, 2006 file picture of Men passing in front of huge monitor displaying the Sony logo. (AP Photo/Katsumi Kasahara)

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