Yamaha to close factories; cut 1,000 jobs

[Bob]

Yamaha Motor has announced plans to close seven factories globally with the loss of 1,000 jobs. The cutbacks are being made following the announcement of a net loss of 216.1 billion yen (2.4 billion dollar) loss for the year to December.

800 of the job losses will be in Japan, with five of Yamaha’s twelve domestic factories set to close. A factory in Italy and a marine products plant in Florida will also be shut down.

For 2010, the company expects to break even on a net basis with solid demand in Asia projected to lift revenue by 8.4 percent to 1.25 trillion yen. But "demand in Europe and the United States is not expected to recover for some time. Thus, sales conditions surrounding the Yamaha Motor Group are expected to remain harsh” said the company in a prepared statement.

[onearmedbandit]

They should just stick to making instruments.

Nah, kidding, that is not good to hear.

[EJT]

might have to give Rossi a pay cut

[trailblazer]

thats not good to hear but if they are closing factories they were clearly the one's that were not performing well enough to justify them staying open. Or like has been suggested give rossi a pay cut then they wouldn't have to close anything.