As a part of their re-structuring of corporate structure, Ricoh a Japanese copier and printer maker has decided to cut down its workforce by 9% over a period of next 3 years. This means that 10,000 employee will face the heat.
Ricoh is looking to improve its slumping profits and fend off competition from Xerox and Canon. The company said the operating profits are expected to increase by 140 billion yen, over the next 3 years after reduction of about 10,000 staff from a total of 109,000 global employees.
By March 2014, the operating profits of 210 billion yen are expected. The company posted 60 billion yen in the last fiscal year. The news of company re-structuring helped company shares to jump by 7.2% in Tokoyo. Shiro Kondo, Ricoh President and Chief Executive said, the company needs to reduce the unprofitable business and have to become well-developed.
Another Japanese company, Panasonic in April decided to cut down 17,000 jobs and close up to 70 factories around the world
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