Toshiba Announces 4,000 Job Cuts in Japan for Profit Boost

Toshiba plans to lay off 4,000 workers and merge subsidiaries to cut costs and boost profits, following acquisition by Japan Industrial

Toshiba Corporation has announced that it will lay off up to 4,000 employees in Japan as part of an accelerated restructuring under new leadership.

This move comes after the company was acquired by a consortium led by Japan Industrial Partners for 2 trillion yen (approximately 93 billion yuan) and delisted in December 2023, following years of turmoil including a major accounting scandal and massive losses in its U.S. nuclear division stemming from the Fukushima nuclear disaster.

The company aims to achieve a sales target of 3.75 trillion yen (approximately 1743.75 billion yuan) and an operating profit of 380 billion yen (approximately 176.7 billion yuan) within three years.

This is nearly ten times the operating profit of 39.9 billion yen (approximately 18.55 billion yuan) reported for the fiscal year 2023.

The President of Toshiba, Mr. Shimada, stated that optimizing the number of employees has been necessary as the company has been selling off its businesses since 2015.

He described these layoffs as a painful but essential decision to ensure the company’s longevity. Additionally, Toshiba is relocating its headquarters from Hamamatsucho, Tokyo, to Kawasaki, Kanagawa Prefecture.

Previously, Toshiba sold its medical equipment business to Canon, its laptop division to Sharp, its home appliance business to Midea Group, and its consumer electronics division to Hisense.

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Toshiba Announces 4,000 Job Cuts in Japan for Profit Boost

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