I just saw this story on the Dow Jones newswire and almost did a spit take while eating lunch. This is horrible news. I planned on getting a Kuro this summer and now I may have to push the date forward.
02/06 12:12P (DJ) DJ Pioneer To End TV Production, Spin Off DVD
Story 6368 (6752.TO, 6753.TO, 6773.TO, PC, SHCAY, JP3359600008...)
TOKYO (Nikkei)--Pioneer Corp. (6773.TO) will pull the plug on its
loss-ridden television business and shift its DVD player operations to a new
venture with Sharp Corp. (6753.TO) in a sweeping overhaul, The Nikkei reported
in its Thursday morning edition.
The company had been planning to end in-house production of plasma panels by
the end of March and outfit its TVs with Panasonic Corp. (6752.TO) panels
instead. Faced with worsening profit margins, however, it has decided to end
TV development and production altogether.
Pioneer will idle its lone domestic TV factory in Shizuoka Prefecture
sometime this year. Factories in the U.S. and Europe are already slated for
Sales of Pioneer TVs will continue for the time being. The company has not
yet decided what to do when inventories run out.
Meanwhile, Pioneer will spin off its DVD player operations, which are
equally steeped in losses, to a new company to be set up with Sharp as early
as this spring.
The company plans to eliminate several thousand of its roughly 40,000
groupwide jobs in the year ending March 2010. Pioneer is likely to post a
consolidated net loss of more than Y100 billion for the year ending this
March, wider than the Y78 billion loss it forecast earlier.
Click here to go to Dow Jones NewsPlus, a web front page of today's most
important business and market news, analysis and commentary:http://www.djnewsplus.com/nae/al?rnd...tSjGoMmw%3D%3D
. You can use
this link on the day this article is published and the following day.
(END) Dow Jones Newswires
Additional Codes ( JP3780200006, JP3866800000, US69832A2050, US8198822004,
I/CSE, I/ENT, I/X225, I/XATI, I/XDJGI, I/XGDW, I/XISL, I/XNYA, N/DJIN, N/DJN,
N/DJWB, N/ADR, N/APIN, N/CAC, N/CNW, N/DJPN, N/DJWI, N/HED, N/NIK, N/NJR,
N/NKR, N/PRSS, N/SPN, N/TPCT, N/TSY, N/WEI, M/NCY, M/NND, M/TPX, P/MDK,
R/ASI, R/FE, R/JA, R/PRM)