Friday, 13th February 2009
In Business In Japan,
Pioneer to 'pull out' of flat-screen TV production
Japanese electronics manufacturer Pioneer has announced it is to abandon its production of flat-screen TVs amid a growing financial crisis at the company.
The move will see around 10,000 jobs go around the world, including 220 positions in the UK at the company's display factory in West Yorkshire.
"It's heartbreaking for us to withdraw from the display business, which we spearheaded, but the market is changing faster than we ever expected," commented Susumu Kotani, president of Pioneer.
The company is forecasting a record annual loss of 130 billion yen (£1 billion), reports the Times newspaper.
A loss for 2008 would be the company's fifth successive year in the red.
The value of the firm's stock fell by almost one-fifth following the news.
Pioneer has said it intends to focus on auto electronics instead.
Japan is at the forefront of technological innovation in the field of TV production.