Oly to cut jobs, partner with Sony or Panasonic

Started May 30, 2012 | Discussions thread
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MichaelKJ
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Oly to cut jobs, partner with Sony or Panasonic
May 30, 2012

TOKYO (Reuters) - Japan's Olympus Corp, hit by a $1.7 billion fraud scandal, plans to shed 2,500 workers and sell an equity stake to either Sony Corp or Panasonic Corp in a bid to bolster its finances, local media reported Wednesday

The job losses, equal to about 7 percent of its total workforce, will come mainly from Olympus's loss-making camera business and by consolidating its overseas plants, the Nikkei business daily said. They would be revealed on June 8, it added.

http://news.yahoo.com/olympus-cut-2-500-jobs-turnaround-bid-nikkei-045115422--finance.html

While this is not encouraging news, it may be what is needed for Oly to turn things around. A smaller camera division focused almost entirely on mFT would, IMO, be a good thing.

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