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Sony Corp. to cut materials suppliers

Published: 21/05/2009 05:00

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Sony Corp. said Thursday it is considering cutting in half the number of parts suppliers in the next two years to slash procurement costs by 20 percent this financial year.

The Japanese electronics and entertainment company said the move is aimed at seeking return to profit under a turnaround plan by Chief Executive Howard Stringer–a Welsh-born American who became the first foreigner to head Sony in 2005.

Sony Corp. plans to cut purchasing costs by 500 billion yen ($5.3 billion), or 20 percent of the 2.5 trillion yen spent during the fiscal year ended March, company spokeswoman Mami Imada said.

Sony sank to its first annual net loss in 14 years for the fiscal year ended in March and expects a bigger loss this year.

Sony needs to pursue low-end, high volume business and improve management of inventories to boost earnings from electronics as well as expand its distribution network to improve profit from games, Koya Tabata, analyst with Credit Suisse in Tokyo, said.

He said Stringer has perhaps another year and a half to turn things around before his position becomes untenable.

VietNamNet/Xinhuanet

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