Feeds

Olympus confirms rumoured job losses in restructuring

Camera firm will axe 2,700 and close factories

Business security measures using SSL

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. ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.