Sony Provides Update on Restructuring Plan
Sony Corporation today announced additional steps it is taking to accelerate structural reforms of its headquarters and electronics business operations in Japan, including consolidating certain manufacturing operations and expediting measures to reduce its headcount.
Amidst a highly competitive business environment, Sony has been undertaking a series of measures to revitalize and grow its electronics business. As part of its mid-term strategic initiatives announced in April 2012, Sony identified resource optimization as one of the key initiatives for transforming its electronics business and Sony has since been progressively implementing various structural reform measures to optimize costs, streamline its overall organization, accelerate decision-making processes and establish firm foundations for sustainable future growth. In its prior corporate strategy announcement, Sony stated that through the combination of these structural reform measures and business portfolio realignment it expected to reduce headcount across the entire Sony Group, primarily in the electronics business, by approximately 10,000 in the fiscal year ending March 31, 2013 ("FY12"), including approximately 3,000 to 4,000 in Japan.
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