Pioneer Cuts Jobs, Will Exit Plasma Display Business by 201012 Feb, 2009 By: Chris Tribbey
After posting a fourth-quarter loss of more than $290 million, Japanese electronics company Pioneer announced Feb. 12 that it would slash 10,000 jobs worldwide, and withdraw from the plasma display business by 2010.
The drop in demand for plasma displays will also result in Pioneer shuttering two factories, one in Pomona, Calif., the other in the United Kingdom.
“Recent market conditions have changed far more than initially anticipated,” the company said, in a statement. “Pioneer has decided to withdraw from the display business after concluding that there are no prospects for improving profitability under current conditions.”