Nissan Motor Co. revealed Monday a drastic restructuring plan that includes closing five factories and slashing 21,000 jobs worldwide.
The Nissan Revival Plan, designed by Chief Operating Officer Carlos Ghosn, is intended to make the automaker profitable in fiscal 2000.
Nissan plans to cut back on costs by 1 trillion yen on a consolidated basis by fiscal 2002, while reducing its current 1.4 trillion yen interest-bearing liabilities to less than 700 billion yen.