Kenwood to cut 30% of staff in restructuring.

Australasian Business Intelligence, May, 2002

May 29, 2002 (The Asian Wall Street Journal

ABIX via COMTEX) -- Kenwood Corporation proposes the reorganisation of its operations. The Japanese-based audio equipment manufacturer already has received backing from Asahi Bank for the reorganisation program. The share price of Kenwood increased by 16 to Y134 on 24 May 2002. Aiwa is another member of the audio electronics sector in Japan. The reorganisation of the company will involve the loss of 2,700 jobs, a decrease in wages and a reduction in operating costs. The stringent restructuring program is designed to assist the company in dealing with excessive debt.

Publication Date: 27 May 2002

KENWOOD CORPORATION: ASAHI BANK: TOSHIBA CORPORATION: SONY CORPORATION: AIWA COMPANY LIMITED: DAIWA BANK...