Pioneer exits the TV business

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Pioneer has confirmed that it is to exit the plasma business. In addition to dropping its Kuro TV brand, the company will reduce its global workforce by approximately 6,000 employees and 4,000 temporary staff. This move comes as a result of declining demand for consumer electronics and other market pressures associated with the global economic crisis, says Pioneer.

In the home electronics business, Pioneer will continue to develop home audio products as well as DJ equipment and will focus on its specialisation in sound. In the optical disk business, Pioneer is looking closely at a possible joint venture. On the other hand, Pioneer will withdraw from the display business by March 2010, but the company will continue to honour warranties and after-sales services.

Pioneer aims to transform itself into an enterprise centred on the car electronics business.

The company also plans to improve its profitability by integrating its network of production facilities in Japan and overseas. This will lead to a downsizing of its production facilities by 30%. Pioneer will also reduce its sales force, especially in the home electronics business.

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