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."