Japanese conglomerate Toshiba Corp., which went private last year, on Thursday announced its Revitalization Plan with measures to drastically improve profitability and future growth strategy. The company plans up to 4,000 job cuts in Japan as part of the plan.
Further, the company issued its fiscal 2026 targtes, expecting operating income of 380 billion yen and margin of 10%, with sales of 3.75 trillion yen.
In its fiscal 2023, net loss was 74.8 billion yen, compared to last year's profit of 126.6 billion yen.
Operating income was 39.9 billion yen, lower than prior year's 110.5 billion yen. Net sales dropped 2 percent to 3.29 trillion yen from 3.36 trillion yen a year ago.
Orders received increased 8% from last year, on orders for large-scale projects. Order backlog increased steadily.
Regarding its revitalization plan, the company said it aims to reduce number of staff organizations by 20% by the end of fiscal 2024.
Further, it will optimize allocation and streamline personnel to achieve the goals of the New MediumTerm Business Plan.
The company plans a time-limited, group-wide Early Retirement Incentive Program and Outplacement Support program for up to 4,000 people who meet specific criteria.
Toshiba said it plans to streamline personnel structure by reviewing duplicated operations, especially staff.
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