While camera manufacturers such as Canon and Nikon seem unstoppable, Pentax told investors that 300 jobs will be slashed over the next two years to compensate for losses in its digital imaging division.
Pentax announced on Wednesday that the employee cuts as well as other reduction measures will save the camera manufacturer $1.6 million by the spring of 2007 to the Tokyo Stock Exchange.
As a result, Pentax also cut sales and operating profits for the remainder of the fiscal year. For the sales year ending next March, Pentax initially forecast sales of $1.6 billion. With the announcement of cuts, Pentax has since said it expects to drop to $1.2 billion in sales.
On the Pentax website the corporation explained their problems, "After... MORE
Subscriber's login
