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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (63595)	5/10/2002 12:07:10 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Sony Expects More Than $400 Mln in Annualized Savings (Update1) By Kim Chipman quote.bloomberg.com New York, May 9 (Bloomberg) -- Sony Corp. said it expects more than $400 million in annualized cost savings over the next three fiscal years from more job cuts and closing some operations. The savings will stem partly from past and future jobs cuts at Sony's U.S. electronics unit and its music and movie divisions worldwide, the Tokyo-based company told reporters today after an investor meeting in New York. Sony shuttered the bulk of its U.S. TV production business last year and is cutting 11 percent of its workforce and closing plants at its electronics unit. Sony said its music business, the world's second-largest, has been consolidating its CD- manufacturing factories. The savings plan, called the U.S.A. project, ``isn't finished yet,'' said Howard Stringer, chairman and chief executive officer of Sony Corp. of America. He declined to elaborate.