Olympus to cut 2,700 jobs by March 2014

8 Jun 20122 Shares

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Camera and medical equipment-maker Olympus is to cut 2,700 jobs by March 2014 and restructure its global manufacturing operations as part of a five-year plan to make a new start after an accounting scandal.

"Around 2,700 employees, or about 7pc of the number of global employees as of March 2012, will be lost by March 2014," Olympus said in a statement.

"Returning to the roots of the company and giving it a fresh start, we aim to recover the confidence of stakeholders, to restore the group and give it a new value."

The Japanese company has almost 40,000 employees worldwide.

Olympus lost 49bn yen (€494.2m) in the year to the end of March, but predicted that it will reap a profit of 7bn yen (€70.6m) in the current year.

Last year, Olympus admitted hiding losses of US$1.7bn (€1.35bn) after its chief executive revealed accounting irregularities, BBC News reported.

Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com