Sony expected to announce restructuring plan this week

Sony expected to announce restructuring plan this week

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Japanese consumer electronics manufacturer Sony is expected to reveal this week their restructuring plans.

The company had stated last month that they have to take some major steps to cut costs to stay competitive.

Sony is closing down six plants and cutting 16,000 jobs. The aim is to save $1.1 billion a year in costs.

Market analyst Mitsushige Akino added on Sony: “Sony’s not in a position to halt all domestic production but it has to do something that drastic. If it announces plans to move production overseas while keeping only planning and development functions in Japan, that would be a positive.”