Feeds

Olympus confirms rumoured job losses in restructuring

Camera firm will axe 2,700 and close factories

Bridging the IT gap between rising business demands and ageing tools

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. ®

Application security programs and practises

More from The Register

next story
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.