Olympus to release midterm plan

Kyodo

Olympus Corp. will announce a new midterm business plan Friday that is expected to include cutting 2,500 jobs to strengthen its faltering financial standing and streamlining its business, company sources said.

While the camera and medical equipment maker, rocked by an investment loss coverup scandal, is making final arrangements to receive ¥50 billion in capital from Panasonic Corp., the companies weren’t likely to reach an agreement in time for Friday’s announcement, they said.

Olympus, whose consolidated capital adequacy ratio fell to 4.6 percent as of the end of March, aims to boost it to 30 percent within five years partly by receiving fresh capital.

The job cuts will mainly be made overseas.