Olympus has confirmed that it will cut seven per cent of its global workforce.
The company will release 2,700 employees between now and March 31, 2014. This may lead to serious changes across the company's subsidiaries, global production sites, and other divisions, according to Olympus.
In the wake of the company's recovery of a US$1.7 billion fraud scandal, and the forthcoming job cuts, Olympus has announced a "medium-term vision." The vision will include focusing on medical, life science and industrial, as well as its imaging businesses. Olympus says it will "invest management resources strategically" and focus most on its medical business.
Olympus believes its sales will increase from US$11.6 billion in 2012 fiscal year to US$15 billion by the end of 2017 fiscal year. It also predicts a profit of US$1.07 billion by 2017.
Early this week, Reuters and the Kyodo news agency reported that Panasonic Corp. was planning to provide Olympus with US$635 million and become its largest shareholder. However, Panasonic's President, Fumio Ohtsubo, has stated today that his company will not be investing in Olympus.