Electric Power Development Co. on Monday released a management plan for fiscal 2001-2005 that calls for a 25 percent cut in its workforce.
The government-funded company, which supplies electricity to Japan's 10 electric power companies, said the plan is aimed at streamlining its management prior to the company's scheduled privatization in 2003.
Under the new management plan, Electric Power Development will reduce its groupwide workforce from the current 8,000 to 6,000 through attrition and hiring curbs.
The company also plans to sell its head office building in Tokyo in the form of securities in a bid to reduce its debt of more than 2 trillion yen.
Through these and other rationalization moves, Electric Power Development hopes to chalk up a pretax profit of over 40 billion yen in fiscal 2005, up 20 percent over fiscal 1999.