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Seiko Epson Widens Loss Forecast to 23 Billion Yen
March 06 — Seiko Epson Corp., the world’s second-biggest printer maker, widened its full-year net loss forecast to 23 billion yen ($196 million) from 14 billion yen citing a charge for reorganizing.
Seiko Epson maintained its sales, operating profit and current profit forecasts for the year ending March 31, according to a statement filed today to the Tokyo Stock Exchange.
The Suwa, Nagano-based company on Jan. 27 said it would cut its workforce in Japan by 11 percent over three years.
Shares of the company today rose 75 yen, or 2.6 percent, to 3,010. It announced the wider loss forecast after the close of regular trading.Seiko Epson’s medium-term business plan includes 3,000 job cuts
(Kyodo)JAPAN Printer manufacturer Seiko Epson Corp. announced Thursday a medium-term business plan that includes cutting 3,000 jobs, mainly part-time and contract workers, over the next three years.
The company said it aims to reduce fixed costs and increase business efficiency as it has been seeing declining profitability due to falling prices for its mainline products of printers and liquid crystals.
The plan also includes eliminating 100 full-time positions from its information technology equipment business in Europe.
In Japan, Seiko Epson will reduce the scale of its office in Nagano Prefecture that produces small liquid crystals and transfer the business to Hokkaido.
Seiko Epson will also narrow the lineup of its printers to sell only high profit-margin products, while consolidating its semiconductor manufacturing bases.
By implementing those plans, Seiko Epson expects its group pretax profit to rise to over 100 billion yen in the year through March 2009 from a projected 26 billion yen in fiscal 2005 that ends March 31.
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