Japan's Toshiba said on Thursday it will cut up to 4,000 jobs domestically as the industrial conglomerate accelerates restructuring under new ownership.
Toshiba delisted in December due to a $13 billion takeover
by a consortium led by private equity firm Japan Industrial Partners (JIP),
capping a decade of scandal and upheaval.
The consortium's efforts to engineer a turnaround at Toshiba
are seen as a test for private equity in Japan, which used to be seen as
"hagetaka" or vultures due to its rapacious reputation.
Toshiba said it would relocate office functions from central
Tokyo to Kawasaki, west of the capital, and target an operating profit margin
of 10% in three years.
In Japan, which is known for its conservative business
culture, PE firms are increasingly seen as an option for companies disposing of
non-core assets or lacking succession candidates.
A wave of companies have announced job cuts in recent months
including photocopier maker Konica Minolta, cosmetics firm Shiseido and
electronics firm Omron.