Feeds

Olympus confirms rumoured job losses in restructuring

Camera firm will axe 2,700 and close factories

3 Big data security analytics techniques

Scandal-hit camera firm Olympus has announced a five-year plan to turn itself around, including axing 2,700 workers and merging or getting rid of some of its 30 factories.

Rumours of the restructuring started circulating a couple of weeks ago, but Olympus wouldn't comment at the time.

The Japanese company said it would be laying off 2,700 staff members or seven per cent of its workforce as well as closing some of its factories.

"We aim to strengthen our cost competitiveness by restructuring through elimination and consolidation approximately 40 per cent of the 30 production sites currently operating around the world by fiscal year ending March 2015," Olympus said in a canned statement.

The camera maker has been in trouble since its former CEO Michael Woodford uncovered accounting irregularities that turned out to be evidence of fraud. Olympus had been juggling money in creative ways for years and once it was discovered, the firm had to correct its accounts.

The new figures for the firm are not very impressive, so Olympus is now trying to "restore its financial health", as it put it.

Woodford was let go from his position as CEO during the time that it all kicked off at the firm and he had launched legal action against his dismissal. Olympus said today that it had agreed to give Woodford £10m to settle the case. ®

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Ex–Apple CEO John Sculley: Ousting Steve Jobs 'was a mistake'
Twenty-nine years later, post-Pepsi exec has flat-forehead moment
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.