In new five-year plan, Toshiba to cut thousands of jobs, withdraw from British nuclear plant and U.S

Nov 09, 2018 | News On Japan

Nov 09, 2018 (Japan Times) - Toshiba Corp. on Thursday announced its five-year business reform plan to revamp its operations, with thousands of global job cuts, a withdrawal from its nuclear plant construction business in Britain and a sell-off of a U.S. liquefied natural gas operation on the agenda.

The technology conglomerate plans to cut about 7,000 jobs globally over the next five years, Toshiba Chairman and CEO Nobuaki Kurumatani said at a news conference in Tokyo.

The planned restructuring comes as Toshiba reported financial results for the April-September period earlier in the day. It posted Â¥1.08 trillion ($9.5 billion) in net profit, a sharp turnaround from a loss of just under Â¥49.8 billion a year earlier, as it completed the sale of its chip subsidiary.

But even with the Â¥1 trillion net profit in the latest term, Toshiba needs a fundamental rethink regarding its organizational structure and its business operations in order to stay afloat, according to industry analysts.

Its group operating profit tumbled 80.7 percent to Â¥6.98 trillion on sales of Â¥1.78 trillion, down 5.1 percent.

For the current fiscal year ending March 31, Toshiba cut its profit estimate, citing various restructuring-related costs including a Â¥93 billion loss expected from selling its U.S. natural gas business, projecting a net profit of Â¥920 billion against the previously estimated Â¥1.07 trillion.

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