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Tuesday, December 10, 2024

Newly Privatized Toshiba to Cut 4,000 Jobs as Part of Restructuring

On Thursday, Japan’s Toshiba announced plans to reduce its domestic workforce by up to 4,000 jobs as part of an accelerated restructuring effort following its delisting in December.

The industrial conglomerate was acquired in a $13 billion takeover led by private equity firm Japan Industrial Partners (JIP), marking the conclusion of a tumultuous decade marked by scandals and instability.

The consortium’s focus on revitalizing Toshiba is viewed as a crucial test for private equity in Japan, which has historically been associated with a predatory reputation, often referred to as “hagetaka” or vultures.

Toshiba said it would relocate office functions from central Tokyo to Kawasaki, west of the capital, and target an operating profit margin of 10% in three years.


In Japan, which is known for its conservative business culture, PE firms are increasingly seen as an option for companies disposing of non-core assets or lacking succession candidates.


A wave of companies have announced job cuts in recent months including photocopier maker Konica Minolta (4902.T), cosmetics firm Shiseido (4911.T), opens new tab and electronics firm Omron (6645.T).

Lillian Hocker
Lillian Hocker
Lillian Hocker is a seasoned technology journalist and analyst, specializing in the intersection of innovation, entrepreneurship, and digital culture. With over a decade of experience, Lillian has contributed insightful articles to leading tech publications. Her work dives deep into emerging technologies, startup ecosystems, and the impact of digital transformation on industries worldwide. Prior to her career in journalism, she worked as a software engineer at a Silicon Valley startup, giving her firsthand experience of the tech industry's rapid evolution.

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