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Sony Announces New 3-Year Restructuring Plan
May 30, 2003
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Sony Corp. has announced that it will place more emphasis on flat TVs and DVD recorders and spend 300 billion yen (U.S. $25.3 million) on a massive restructuring plan over the next 3 years.

Under its new 3-year plan, which was announced on Wednesday, the firm will trim unprofitable operations, such as cathode-ray tube production. The firm estimates that the restructuring drive will save 170 billion yen ($1.4 billion) in fixed costs on an annual basis.

A 3-year streamlining effort had been carried out at Sony electronics unit through March, with the number of manufacturing locations having been reduced from 70 to 52 and the workforce cut by 19 percent.

Sony said it will concentrate on growing domains within the electronics and game sectors.

The consumer electronics maker said the restructuring package should allow it to raise its group operating margin from the current 4 percent to 10 percent during fiscal 2006, excluding its finance business.

As part of efforts to bolster its competitiveness and profitability, the company said it will increase in-house production of key components, such as those used for Cyber-shot digital cameras and camcorders.

Sony also revealed that it will release its latest PlayStation game console later this year on the domestic market.

Dubbed the PSX, the new console is Sony's answer to the fusion of game and home electronics, according to Ken Kutaragi, president and CEO of Sony Computer Entertainment Inc.

It comes with a built-in TV/BS tuner and a 120-gigabyte hard disk drive, with users able to watch and record TV programs and movies.

Although the company did not specify the specific release date and price of the new console, it said it will launch the product during the yearend shopping season, with its overseas release slated sometime next year. (The Japan Times)

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