Daio Paper to slash 1,000 jobs, not 900

JIJI

Daio Paper Corp. on Friday tweaked its cost-cutting plan higher to about 1,000 jobs over a three-year period through fiscal 2014 ending in March 2015. It had been planning to cut about 900 jobs.

Hiring at the beginning of a fiscal year will also be frozen for two years and midterm recruitment will be suspended.

The paper maker also froze plans to open new plants in Fukushima and Shizuoka prefectures.

In fiscal 2014, Daio aims to achieve sales of ¥450 billion and a pretax profit of ¥22.5 billion.

Daio, the fourth-largest paper company in Japan, is struggling with a financial scandal involving a former chairman that came to light last autumn.