Recession takes toll on Sony

The cuts will leave Sony with 160,000 employees worldwide.

The Tokyo-based company intends to shutter 10% of its 57 plants and delay an expected expansion of a plant in Eastern Europe where flat-panel televisions are assembled.

Sony will reduce investment in the consumer electronics business in the fiscal year ending 31 March 2010, by about 30% compared with its mid-term plan.

All told, these measures should save the company about 100 million yen or US$1.1 billion by the end of the next fiscal year.

Sony's stock was up 2.54% to $20.55 per share in mid-day trading on the New York Stock Exchange.

Read the full article here.