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October 3, 2005 - Sanyo Electric Company, in an effort to mitigate a second year of loss, has announced a plan to cut 15% of its workforce in the next three years, including 10,000 jobs cut by January of 2006. The world’s third-largest digital camera supplier has also announced a new estimate of their loss this year ending in March at 140 billion yen ($1.2 billion), down from their July estimate of 92 billion yen.
2,900 jobs are already scheduled to be eliminated by the end of October, though 1,400 of those will be transferred to a joint venture between Sanyo and Seiko Epson Corp., Sanyo Epson Imaging Devices Corporation. Sanyo Epson Imaging devices manufactures LCDs; the jobs still available at Sanyo will reflect the company’s new focus on batteries, solar cells, and other energy conservation technologies.
Sanyo and other Japanese manufacturers are feeling the pressure from Chinese technology, which offers lower prices and much more competition.