Mitsubishi Cable to Cut 4 Billion Yen Cost

Mitsubishi Cable Industries restructures the electric component business including job cut and pay cut. The firm aims to reduce the costs by 4 billion yen per year while the firm estimates to post 16.6 billion yen of consolidated net loss for fiscal 2008 ending March 2009, announced on Tuesday.

Mitsubishi Cable restructures the manufacturing sites in Japan and overseas when the deficit in electric component business increases under the significant automobile output reduction while the firm aims to increase profitability through the better value analysis proposals and streamlining activity.

The firm cuts about 2,800 employees of 5,000 in electric component business. The firm offers early retirement to cut the 185 permanent employees while cuts 230 temporary employees of Mitsubishi Cable and its domestic subsidiaries. The firm cuts 2,550 employees of manufacturing subsidiaries in China and Indonesia.