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HomeWorld newsToshiba will cut 4,000 jobs as it restructures under new ownership

Toshiba will cut 4,000 jobs as it restructures under new ownership

Toshiba said Thursday it will cut up to 4,000 jobs domestically as the industrial conglomerate accelerates its restructuring under new ownership.

Toshiba was taken private in December in a $13 billion (¥2 trillion) takeover by a consortium led by private equity firm Japan Industrial Partners (JIP), capping a decade of scandals and turmoil.

The consortium’s efforts to turn around Toshiba are seen as a test for private equity firms in Japan, which were previously seen as a hagetakaor vultures, because of their predatory reputation.

Toshiba said it will move its headquarters from central Tokyo to Kawasaki, west of the capital, and target an operating profit margin of 10% in three years.

In Japan, known for its conservative business culture, private equity firms are increasingly seen as an option for companies that are selling off non-core assets or have no successor candidates.

A wave of companies have announced job cuts in recent months, including copier maker Konica Minolta, cosmetics company Shiseido and electronics company Omron.

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