Struggling CE company JVC which admitted in an annual report last year that they make “Poor quality” products has been forced to slash its workforce by 28%.
The newly named president of Victor Company of Japan (JVC) will begin his role by cutting 28 percent of the domestic staff, the company said. In Australia, JVC which is distributed by Hagemeyer, has failed to capture any significant share of the LCD TV market or the home cinema market.
Last week, JVC said that Kunihiko Sato, JVC’s senior managing director, would be promoted to president, effective in late June, and that Sato will oversee a new restructuring plan.
That effort includes plans for about 1,800 job cuts this fiscal year ending next March, the company said. The company said approximately 800 of the cuts would come through spin-offs.
In the restructuring, JVC plans to increase its focus on LCD TVs and DILA projection TVs technologies. JVC said it intends revitalise the projection business using a next-generation DILA engine.
There is still no word on the possible sale of JVC parent Matsushita’s 52.4 percent equity stake in JVC to U.S. investment fund Texas Pacific Group.
