Toshiba to slash 7,000 jobs

India Business Journal - - GLOBAL WRAP-UP -

The boss of strug­gling Toshiba has re­vealed that he will cut 7,000 jobs over the next five years as the Ja­panese en­gi­neer­ing com­pany pulled out of for­eign in­vest­ments and down­graded its an­nual profit fore­casts. Toshiba also ex­pects to scrap or con­sol­i­date some fac­to­ries and re­duce its sub­sidiaries by 25 per cent. It is with­draw­ing from a US-based liq­uid nat­u­ral gas busi­ness and liq­ui­dat­ing NuGen, a nu­clear sub­sidiary in Bri­tain. A joint ven­ture be­tween Toshiba and France's Engie, the NuGen project in Cum­bria in north­west Eng­land was to com­prise three re­ac­tors and was due to start pro­duc­ing en­ergy from 2025.

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