Toshiba Corp. on Thursday announced its five-year business reform plan to revamp its operations, with thousands of global job cuts, a withdrawal from its nuclear plant construction business in Britain and a sell-off of a U.S. liquefied natural gas operation on the agenda.
The technology conglomerate plans to cut about 7,000 jobs globally over the next five years, Toshiba Chairman and CEO Nobuaki Kurumatani said at a news conference in Tokyo.
The planned restructuring comes as Toshiba reported financial results for the April-September period earlier in the day. It posted ¥1.08 trillion ($9.5 billion) in net profit, a sharp turnaround from a loss of just under ¥49.8 billion a year earlier, as it completed the sale of its chip subsidiary.