JVC Kenwood Holdings Inc. said Friday it will end domestic production of its camcorders in the business year through next March and shift to overseas production as part of restructuring efforts to make itself more profitable.
JVC Kenwood is a joint holding company of JVC, or Victor Co. of Japan Ltd., and Kenwood Corp., created in October 2008 to enhance their competitive edge in the consumer electronics market.
Under their restructuring scheme, camcorder production geared for the domestic market at JVC’s Yokosuka factory in Kanagawa Prefecture will end in the first half of the current business year.
JVC’s Malaysia plant will subsequently take over camcorder production, while the Yokosuka plant will remain as a manufacturing site for projectors and other devices, the firm said.
Another key restructuring step is downsizing a television display plant in Thailand.
JVC Kenwood’s restructuring plan will result in the reduction or redeployment of its workforce worldwide, affecting more than 1,000 workers, it said.
Partly as a measure to cut costs, JVC Kenwood said it has decided to sell JVC’s head office in Yokohama.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.