Issue Date: February 9, 2009
Sumitomo Forecasts A Loss, Cuts Jobs
Forecasting that it will post its first loss in more than 20 years in the fiscal year that ends on March 31, Sumitomo Chemical says it will cut 2,500 jobs worldwide. Over the next year, the diversified chemical producer will eliminate about 700 jobs in Japan and 1,600 abroad, about 10% of its workforce. Just a few months ago, Sumitomo expected that it would post a net profit of $168 million in the current fiscal year, but it now expects to lose about that amount.
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