Olympus Confirms 2,700 Layoffs

Posted on Jun 8 2012 - 9:50am by CONTRIBUTOR

Editor’s Note: Guest Author Pradeep Yadav, a technology lover, analyzer and  love reporting about different technologies.

We earlier reported that Olympus was planning to cut 2,500 jobs, but today The Wall Street Journal confirmed the company move, which is now planning to lay off around 2,700 people by 2014, which is around 7 percent of total workforce. Olympus has outlined a 5-year vision for itself, forecasting a ¥7 billion ($88 million) net profit this year and setting the ultimate goal of reaching an 11 percent operating margin by 2017. The company also said it aims to consolidate its global manufacturing base by 40% by March 2015 and raise its capital adequacy ratio to at least 30% over the next five years.

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