Friday, March 29, 2024 | Ramadan 18, 1445 H
clear sky
weather
OMAN
25°C / 25°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Fujifilm to cut 10,000 jobs at its subsidiary

1237555
1237555
minus
plus

TOKYO: Japanese technology firm Fujifilm on Wednesday announced 10,000 job cuts by March 2020 at its Fuji Xerox subsidiary, which it said was facing an “increasingly severe” market environment.


The Tokyo-based firm announced “personnel reductions of 10,000 people domestically and overseas” at the subsidiary as part of a cost-cutting package that it hopes will save 50 billion yen ($460 million).


Fujifilm, founded in 1934, became synonymous with the photography business but has since expanded into cosmetics and medical equipment.


Fuji Xerox, the subsidiary jointly owned by Fujifilm and Xerox, manufactures printers and copiers for offices mainly in Asia and the Oceania regions.


The subsidiary, 75 per cent owned by Fujifilm, employs around 46,000 people, according to a Fujifilm spokeswoman.


The restructuring will have an impact on Fujifilm’s operating income, the firm said, revising down its forecasts for the current fiscal year to 130 million yen from 185 million yen.


Net profit however was forecast to rise to 140 million yen from 125 million yen due to one-off gains from sales of investment securities.


The Fujifilm announcement came after a report in Tuesday’s Wall Street Journal that Fuji Xerox was poised to swallow up Xerox — a pillar of 20th century US industry.


Xerox faces a revolt from two major shareholders, Carl Icahn and Darwin Deason, who between them control 15 per cent of the company.


— AFP


SHARE ARTICLE
arrow up
home icon