Business Services Industry
Tomen to restructure, cut staff and assets.
Australasian Business Intelligence, January, 2003
Jan 01, 2003 (The Asian Wall Street Journal - ABIX via COMTEX)
Japanese trading house Tomen has released details of a three-year restructuring plan. The changes will transform it into a smaller, focused company, and bring it closer to its major shareholder, Toyota Tsusho, the trading arm of Toyota Motor Corporation. The plan includes a reduction of its workforce by 40 and the purchase of Y10bn of new Tomen shares by Toyota Tsusho by September 2003. Tomen said creditor banks would extend Y170bn in financial aid. Tomen will halve its Y1.4 trillion in assets and conduct a 90 capital reduction by August 2003. Shares in Tomen fell 5.2 to Y73 on 27 December 2002.
Publication Date: 30 December 2002
TOMEN CORPORATION:
TOYOTA MOTOR...
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