12 Feb 2009

Electronics giant to slash 10,000 more jobs

9:41 pm on 12 February 2009

Japanese electronics giant Pioneer Corp said on Thursday it would cut 10,000 jobs worldwide and quit the television business as it braces for a record loss in the year to March.

The company is closing its plasma display production facilities in the United States and Britain and will focus on car electronics instead.

Pioneer forecast a net loss of Y130 billion ($US1.4 billion) for the current financial year to March, its biggest ever.

The firm decided last year to stop making its own plasma display panels and fit its televisions with panels bought from Panasonic Corp instead.

But it has now decided to stop making televisions altogether because "there are no prospects for improving profitability under current conditions", the company said.

The group had already cut 5,900 jobs between March and December 2008.