Toshiba will also shut down two of its three manufacturing facilities

Toshiba has announced that it will cut 50% of the staff within its TV unit. The company also announced that it plans to stop producing TVs at two of its three overseas factories before the end of the current fiscal year. As a result, Toshiba will increase outsource production to 70% from the current 40% level.

Of the 3,000 employees Toshiba plans to eliminate, two-thirds are in China, Indonesia, and Poland. However, the company was not clear which of the trio of those factories would be shut down.

Toshiba's TV arm has been struggling for the past several years, and the poor performance has been blamed on weak global sales and the European economic slowdown. In July, Toshiba announced that it planned to begin cuts that would save $101 million within its television division.
Toshiba hopes that its cost-cutting measures will help its TV unit return to profitability during the second half of the current fiscal year.

Source: Reuters

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