Olympus to Cut 4,000 Camera Jobs

Olympus Corp. is restructuring and plans to cut about 30% percent of its workforce - mostly in China.

“Olympus, which on Monday recorded its first ever consolidated net loss after struggling with intense price competition in the digital camera market, said most of the job losses would be at two camera factories in China.

It expects the job cuts to save 3 billion yen ($28.38 million) in the business year to next March.

It also aims to lower production costs by 5 billion yen and shave selling and general administrative expenses by 5 billion yen, for a total restructuring benefit of 13 billion yen, or less than 2 percent of group revenues of 814 billion yen. ”

Read more at Reuters