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2012: Industry rocked by over 85,000 job cuts

Posted: 16 Jan 2013     Print Version  Bookmark and Share

Keywords:job cuts  cost-cutting  electronics  restructuring 

The electronics industry witnessed record "mass layoffs" during the year 2012. Many sectors, however, showed signs of recovery, but for employers job cuts were seen as the 'sole' solution in the name of cost-cutting.

EE Times-India, in an attempt to give a full picture of the job-cuts that haunted the industry this year, accumulates data and forms a list of "massive layoffs" announced by global electronics companies in 2012.

No. of cuts: 27,000
These job cuts were part of HP's multi-year turnaround strategy. The company expects to use the savings to boost investment in innovation around its three areas of strategic focus: cloud, big data and security, as well as in other segments that offer attractive growth potential.

It's Official: HP cuts 27,000 jobs

No. of cuts: 10,000
Struggling handset manufacturer Nokia plans to cut 10,000 jobs globally and shut down some of its manufacturing facilities. The job cuts are planned to be complete by the end of 2013. It will also shut down its only manufacturing plant in its homeland Finland, along with two R&D centres in Germany and Canada. However, the company plans to keep its research and development centre in Finland open. Nokia also announced its plans to shift phone assembly work from Europe and Mexico to Asia—the company's largest market. Out of 10,000 planned job cuts, 3,700 will take place in Finland.

Struggling Nokia announces 10,000 job cuts
Nokia to shift phone assembly to Asia

No. of cuts: 10,000
Faced with mounting losses, Sony Corp. plans to slash 10,000 jobs, or about 6 per cent of its global workforce, and aims to turn around its struggling TV business over the next two years. However, these job cuts won't affect Sony's India employees.

Sony to cut 10000 jobs worldwide, 'India' not in the list

No. of cuts: 8,000
2012 was no doubt the worst for Japanese companies. Japan's television makers struggled to compete with South Korean rivals, and Sharp Corp.was no exception. There were reports that the loss-making electronics major may sell off its TV assembly plants in Mexico and China, which could result in about 3,000 job cuts. The move would bring Sharp's total job cuts to 8,000, including 5,000 cuts announced earlier this month. In addition, US-based chipmaker Qualcomm appeared as a 'saviour' which agreed to invest Rs.634.92 crore in cash-strapped Sharp, becoming its minority shareholder.

Sharp may sell TV assembly units to Foxconn
Qualcomm invests Rs.635 cr in Sharp

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