Layoffs List of all Companies - Must Read !!!

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Jobs tumble; Indian firms may cut staff by 20%

About a third of India Inc may reduce its workforce by up to 20 per cent if the gloomy economic scenario persists during the year, a survey has said.

"There is a sizable number (of companies), around 30 per cent, which are planning to cut jobs by up to 20 per cent if the economic slowdown persists during the year . . . (and) around 10 per cent of the employers are considering major job cuts," the survey by PHDCCI said.

The survey is based on response of 200 companies. The firms may resort to job cuts in view of burgeoning inventories and sagging bottom lines, it said.


American Express to cut 4,000 jobs

New York US credit card giant American Express announced that it was to shed some 4,000 jobs as part of an 800-million-dollar restructuring of its global operations.

The job cuts would lead to the elimination of about six per cent of the company's current worldwide workforce, and the company also planned to scale back investments and slash operating costs.

The move comes after AmEx last month reported a 56 per cent drop in quarterly earnings from a year ago to 443 million dollars, or 31 cents per share, amid rising write-offs of credit card debt.

American Express said the job cuts, which will go into effect this year, would allow them to shave 175 million dollars off their budget, while reducing investments on marketing and business development would save another 500 million dollars.

The rest of the savings would come from cutting 125 million dollars from operational costs, chairman and chief executive Kenneth Chenualt said.

"While we have remained solidly profitable at a time when some parts of the card industry were incurring substantial losses, we continue to be very cautious about the economic outlook," Chenualt said in a statement.


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The world's top cellphone maker Nokia Oyj said on Tuesday it plans to cut a further 490 jobs as part of its global cost cutting programme.

The Finnish firm said it would cut 170 jobs in logistics, production management and production support and would offer a voluntary resignation package for up to 320 employees working at its Salo plant in Finland.

Nokia, which made its first ever quarterly pretax loss in January-March, is cutting annual costs at its key handset unit alone by more than 700 million euros ($948.7 million) to counter plunging demand.

The overall mobile phone market is expected to shrink 10 per cent this year, as consumers rein in spending and handset sellers try to clear out unsold phones.

Including the job cuts announced on Tuesday, Nokia has slashed some 4,000 jobs across the organisation this year.

Source: indiatimes


Nokia to lay off 170 workers worldwide

Nokia Corp. said on Tuesday it will lay off 170 workers worldwide to further cut costs as the global downturn continues to weaken demand in the mobile phone industry. The job cuts, in production and logistics for mobile devices, will not affect production employees at Nokia's mobile device manufacturing facilities, the world's biggest handset maker said. Nokia said it would also offer buyouts to 320 employees at its manufacturing plant in Salo plant in Finland after a similar program for 1,000 global Nokia employees proved popular.

"The earlier voluntary resignation package ... raised a lot of interest among production employees, who were excluded from this particular global program," said Ville Valtonen, from Nokia's personnel department in Finland. "We now want to offer this opportunity to our production employees in Salo, as we continue to adjust capacity according to market demand."

Nokia stock was up 3.5 per cent at euro11.11 ($14.99) in early afternoon trading in Helsinki.

Earlier this year, Nokia announced more than 2,400 job cuts globally and temporary layoffs of 2,500 workers in Finland. The company aims to slash costs at its handset unit by euro700 million ($920 million) annually, and on Tuesday said it will continue "to seek savings in operational expenses, looking at all areas and activities across the company."

In April, Nokia reported that first-quarter net profit plummeted 90 percent to euro576 million and sales fell 27 per cent as the world economic downturn continued to hit the mobile industry. Nokia employs 124,000 people worldwide. Last year, it sold 468 million handsets, up 7 per cent on 2007.


Satyam to layoff 12,000 employees

The fraud-hit Satyam Computer Services, which is now controlled by Tech Mahindra is planning to layoff about 12,000 to 14,000 of its employees.

A formal announcement was made by the new management before senior management personnel on Thursday, May 18 on the issue of reducing manpower by up to 14,000 people.

Satyam at present has a total staff of about 40,000 employees, of which 19,000 are 'billing employees' and about 20,000 are 'non-billing employees'. Satyam sources said that those employees who are currently on the 'bench' are in danger of losing job.


Nokia, the world's leading mobile phone maker has announced that more than 170 jobs would be cut globally as it reorganizes its logistics, production management and production support units.

According to the company, around 100 job reductions would take place in its native Finland. Also, the company announces that it would offer a voluntary redundancy package to 320 people working at its factory in Salo, southwestern Finland. Interested people can apply in June.

Nokia has seen its earnings sliding as consumers cut back on buying handsets amid the global financial crisis. The company has tackled the issue with a cost-cutting program, which aims to create more than 953 million dollars in annual savings.

Source: itvoir


US computer giant Hewlett-Packard reported a 17-per cent fall in quarterly net profit and said it plans to cut two per cent of its workforce, or nearly 6,400 workers, over the next year.

HP said net profit fell to $1.7 billion, or 86 cents per share, in the second quarter of its fiscal year from $2.1 billion, or 87 cents per share, a year ago, in line with the expectations of Wall Street analysts.

The only bright spot for HP in the quarter was in its services business, which notched up an operating profit of $1.17 billion in the quarter due to its purchase last year of EDS. "Our services business continued to deliver strong profitability with an increased deal pipeline and the EDS integration tracking ahead of schedule," said HP chairman and chief executive Mark Hurd.

Source: indiatimes


Infosys to hire 1,000 in US

Indian software firm Infosys plans to hire about 1,000 people in the US in the next 12 to 18 months amid a gloomy job market.

In an interview with the local media, Infosys Chief Executive Kris Gopalakrishnan, who is currently in Seattle for Microsoft's CEO Summit this week, said that the company plans to add more than 100 new employees as part of a big US expansion in anticipation of growth resuming in 2010.

Altogether, Infosys plans to hire about 1,000 people across the US over the next 12 to 18 months, he said. Already, 14,000 of the company's 1,04,000 employees are based in the US.

"We believe business will be there if we add capabilities, more services and solutions to our portfolio and increase the business volume with the existing customers -- that's how we see growth coming to our business," Gopalakrishnan said.

Regarding the recovery in the Indian economy, he said that it is in, "Very early stages." Gopalakrishna said, "I hope it is sustained and picks up. The difference with the US is that it has gone from 2-3 per cent in GDP growth to approximately zero, about a 3 per cent decline."

"India has also declined 3 per cent -- it's gone from 8 to 9 per cent growth to 5 per cent to 6 per cent. On the positive side it's still 5 to 6 per cent growth, but the decline is similar, actually."

Hoping the gathered executives will have insights into what fundamental changes will result from the downturn, so they can distinguish between the greed that marked the financial meltdown and innovations that were happening, he said.

"If you look at the Internet boom, everybody jumped in, many of those companies got funded, lots of money was poured in," he said. "Of course many of those companies failed, lots of money was lost but some good things happened -- some companies emerged very strong, became the leaders in that space..."

Gopalakrishnan clearly sees the dangers in industry consolidation and in changes in the nature of outsourcing, with more businesses taking the same tack as they have with their internal IT organisations by looking at business process applicability rather than discrete technical capability.

Infosys seems well-oriented to adapt to this new world since Gopalakrishnan identifies their value proposition as a strong knowledge of customer businesses.

Source : indiatimes


Nikon to cut 1,000 jobs

Japanese camera and precision equipment maker Nikon Corp said on Tuesday that it would cut about 1,000 jobs, mostly at its domestic plants, as it braces for a loss this year.

Nikon said it would overhaul its operations making devices for use in the production of semiconductors. It will also downsize its subsidiary in Singapore and transfer part of the business to Taiwan. The group aims to reduce its annual costs by about eight billion yen ($84 million).

Nikon has been hit by weak demand. Earlier this month it forecast a net loss of 17 billion yen for the current business year to March.

Many manufacturers in Japan have announced job cuts in recent months to cope with the global economic downturn, which has depressed demand for the country's cars, electronics and other exports.

Source : indiatimes

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The number of unemployed people continued to swell in the world's largest economy as private US companies slashed a staggering 5,32,000 jobs in May.

The latest ADP National Employment Report showed that private American firms cut 5,32,000 last month, much more than expected.

"Nonfarm private employment decreased 5,32,000 from April to May 2009 on a seasonally adjusted basis.

"The estimated change of employment from March to April was revised by 54,000, from a decline of 491,000 to a decline of 5,45,000," ADP said in a statement today.

According to the report, monthly employment losses in April and May averaged 5,39,000.

"This is a notable improvement over the first three months of the year, when monthly losses averaged 6,91,000," it added.

In May, the goods-producing sector witnessed the loss of 2,67,000, jobs while the manufacturing industry shed 1,49,000, jobs. Large businesses which are defined as those with 500 or more workers, axed 1,00,000 jobs.

Medium-size and small-size entities reduced their headcount by 2,23,000 and 2,09,000 employees, respectively. Medium-size companies are those having 50 to 499 people whereas small-size firms are described as those with less than 50 workers.

"Since reaching peak employment in January 2008, small-size businesses have shed 2,125,000 jobs," ADP said.

In May, construction employment dropped 108,000. "This was its twenty-eighth consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,345,000." the report said.

Employment in the financial services sector dropped 32,000, the eighteenth consecutive monthly decline.

The ADP National Employment Report is based on anonymous payroll data.

Yesterday, official figures showed that jobless rate in the Euro zone -- the grouping of 16 nations which share the common currency euro -- touched a ten-year high of 9.2 per cent in April.

DATE - 04.06.2009


GM to layoff 4,000 more by year-end

About 4,000 more salaried workers at General Motors Corp, will lose their jobs by the end of the year as the automaker continues to downsize.

The company notified its more than 27,000 US white-collar workers by e-mail on Tuesday, that it will offer standard severance packages, and employees near retirement age will have the opportunity to retire early, spokesman Tom Wilkinson said.

Some involuntary cuts will be necessary, Wilkinson said, as GM tries to shrink its US salaried work force to around 23,500 by year's end.


Oracle plans to lay off up to 1,000

Oracle Corp plans to lay off up to 1,000 workers in Europe, or about 1 percent of its global staff, as the recession erodes the giant so

ftware company's earnings, French news agency has AFP reported.

Oracle spokeswoman Deborah Hellinger declined to comment.

The world's No. 2 publicly held software maker would be one of the last major technology companies to undertake significant layoffs in this economic downturn.

Oracle would join EMC Corp, Hewlett-Packard Co, International Business Machines Corp, Intel Corp, Microsoft Corp and SAP AG, among others.

Trade unions learned of the job cuts on Monday and Tuesday during committee meetings of Oracle's European workers, according to the AFP report.

Redwood City, California-based Oracle had some 86,000 employees as of May 31, compared with 84,233 a year earlier. About a third of the software maker's employees are in the United States.
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Whirlpool to shut US plant, cut about 1,100 jobs

Whirlpool Corp plans to shut a plant in Evansville, Indiana and move some production to Mexico next year, a change that will eliminate about 1.6 percent of the world's biggest appliance maker's workforce.

"Given the industry downturn, Whirlpool has to move production to larger, newer, more efficient plants... Those happen to be in Mexico in the refrigeration category," Cowen and Co analyst Laura Champine said.

The company, which has beaten expectations in the last two quarters on aggressive cost-cutting, said the move to eliminate some 1,100 full-time positions in the United States would not affect its 2009 forecast.

But Whirlpool representative Jill Saletta refused to share specific information about the expected cost savings from the move.

Whirlpool said it was deciding on the best location for its Refrigeration Product Development Center, which is co-located with the Evansville manufacturing facility and has about 300 employees.

While the company plans to transfer production of top freezer refrigerators made at the facility to a unit in Mexico, it has not yet determined where to relocate its icemakers.

Whirlpool has already consolidated its Chinese operations, reduced its contribution to retirement plans, closed plants and cut capital spending to curb costs during the slump.

The company, which said its 2009 earnings and cash flow outlook remain unchanged, in July raised the low end of its 2009 earnings estimate to $3.50 a share from $3.00, while keeping the high end at $4.00.

Whirlpool shares closed up $1.57 at $66.11 Friday on the New York Stock Exchange.
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Worn down by a drawn-out recession, cost-cutting employers are laying off workers at an alarming clip and there's no end in sight.

Employers are slashing payrolls and turning to other ways to cut costs -- including trimming workers' hours, freezing wages or cutting pay.

Check which companies have slashed how many jobs in North America.

source : economic times
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 Despite the US economy showing indications of recovery, the global job market remains gloomy, with companies laying off at least 27 With companies continuing to reduce their headcount in their efforts to tackle the downturn, around 13,000 jobs have been slashed so far in September by some of the leading global firms most of them headquartered in the US.

Job losses of about 12,900 have been witnessed in just 20 days of this month, translating into an average of 645 people being laid off per day. In turn, the toll comes to at least 27 people losing jobs per hour.

The lay-offs are happening across almost all the sectors from pharma to software to refinery, among others.

Most of the job cuts happened in the United States, which has already seen a staggering 5,50,000 Americans filing for unemployment benefits in the first week of September.

Last week, US Federal Reserve Chairman Ben Bernanke said the recession is "very likely over," while America's retail sales data strengthened on hopes that recovery from the economic downturn was progressing.

Bernanke, however, said that recovery would be slow and it would take time to create jobs.

September's job cut wave was led by Pharma major Eli Lilly & Company, which will slash around 5,500 jobs globally by 2011.

While in terms of numbers, diversified technology leader Danaher came next with 3,300 job cuts followed by agricultural company Monsanto, which would reduce its headcount by eight per cent of its total workforce or about 1,800 people.

Defence major BAE Systems is also planning to cut 1,116 jobs across plants in the country and may shut down one of its facilities by the end of 2012.

Moreover, US-based computer maker Dell is eliminating 500 people while Deere & Company is reducing its workforce by 367 manufacturing employees.

Other companies which announced job cuts include---Valero Energy, which slashed the jobs of 150 employees and 100 contractors, HJ Heinz's frozen food arm fires 65 workers in Idaho.

In order to improve its profitability by rationalising underperforming operations, Valero Energy expects that these decisions would reduce headcount at the Delaware City refinery by at least 150 employees and 100 contract workers.

Deere & Company had said that 367 manufacturing employees in Illinois would be placed on indefinite layoff later this month due to reduced market demand for the factory's products.


Company: Dow Chemical Co

Sector: Chemical

Numbers: 5,000

Date: Dec 8

Company: Avis Budget Group Inc

Sector: Car Rental

Numbers: 2,200

Date: Dec 4

Company: DuPont

Sector: Chemical

Numbers: 2,500

Date: Dec 4

Company: AT&T Inc

Sector: Telecoms

Numbers: 12,000

Date: Dec 4

Company: Pepsi Bottling Group Inc

Sector: Soft drink

Numbers: 3,150

Date: Nov 18

Company: Sun Microsystems

Sector: IT

Numbers: Up to 6,000

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AOL to lay off up to 1,200 workers to reach target

The struggling Internet company AOL will lay off up to 1,200 workers because it didn't get enough volunteers to accept buyouts.

AOL spokeswoman Tricia Primrose said Monday that only 1,100 volunteered to leave. That means it would need to shed up to 1,200 positions to reach its previously announced reduction target of up to 2,300, or about a third of its work force.

Primrose says AOL is laying off some employees in the U.S. on Monday, though most will occur on Wednesday. She also says that the company started laying off employees in its European offices on Monday, too.

AOL said in November it would take $200 million in charges for severance and restructuring-related costs.

The cuts come as AOL separated from Time Warner Inc. last month.

source : economic times


Oracle may cut Sun's workforce by 50%

Oracle Corp may fire as much as half of Sun Microsystems Inc's employees, or almost 13,800 people, when the $7.4 billion acquisition closes in the next few weeks, an analyst at UBS AG said.

Oracle probably will have to cut jobs to squeeze a profit from Sun, Brent Thill, a San Francisco-based analyst with UBS, said yesterday in a report. Sun employed almost 27,600 in September, according to a Sun filing.

Oracle, the second-biggest software maker, forecasts $1.5 billion in operating profit from Sun in the first fiscal year after the acquisition. The purchase, announced in April, was delayed in August because of a European regulatory probe. Oracle Chief Executive Officer Larry Ellison said in September that the investigation was creating uncertainty, causing Sun to lose $100 million a month as companies held off purchases.

Sun declined to comment, spokeswoman Karen Kahn said. Deborah Hellinger, a spokeswoman for Oracle, didn't respond to an e-mail seeking comment.

Sun was unchanged at $9.42 in Nasdaq Stock Market trading. Oracle gained 24 cents to $24.80. Oracle, based in Redwood City, California, ranks second to Microsoft Corp. in software revenue.

In October, Santa Clara, California-based Sun said it planned to cut as many as 3,000 jobs to pare expenses as it waited for the European Commission to approve the deal.

Oracle has announced 57 acquisitions since its January 2005 takeover of PeopleSoft Inc., which set off Oracle's buying spree.

In that time, the company often cut jobs to achieve profit goals. It fired 5,000 workers after the $10.3 billion purchase of PeopleSoft, for example, and cut 2,000 workers after buying Siebel Systems Inc. in 2006.

Until now, all of Oracle's acquisitions have been software makers. With Sun, Oracle gains the fourth-biggest maker of server computers. Hardware typically provides less profit than software does.

Sun "could be its toughest challenge yet," Thill said. "Difficult issues include a high mix of hardware revenue, shrinking revenue, low margins and potential channel conflict with long-time partners" Hewlett-Packard Co. and Dell Inc., he said.

Oracle said last month it expects "full and unconditional clearance" from the European Commission. A ruling is scheduled to be made by January 27.

source: economic times


Wal-Mart Stores Inc said on Sunday it is cutting more than 10,000 jobs at its Sam's Club stores, representing about 9 percent of the warehouse club operator's staff.

Wal-Mart said it plans to outsource its product-sampling department to marketing company Shopper Events and eliminate another unit.

Our demos can be a competitive advantage and we want to take this member experience to the next level,'' said Sam's Club CEO Brian Cornell in a memo to staffers.

Employees were told the news at mandatory meetings on Sunday morning.

The company also cut its new business membership representative positions, affecting about 2 staffers per store.

We have found that we can more effectively drive membership through targeted member acquisition events and by increasing our partner membership programs,'' Cornell said.

I feel betrayed,'' said Sally Grueling, 56, who had worked at Sam's Club for nine years, most recently in Hilliard, Ohio, as a new business membership representative.

Shopper Events, based in Rogers, Arkansas, currently works with Wal-Mart's namesake stores on in-store demonstrations.

In the memo, Cornell said Shopper Events would hire ``roughly the same number of people'' cut and workers are invited to apply for those positions.

Earlier this month, Wal-Mart closed 10 Sam's Club stores, resulting in about 1,500 jobs being lost.

Sam's Club employs about 110,000 people.

courtesy: economic times


World's unemployed tops 200 million: ILO

The number of unemployed people worldwide reached 212 million in 2009, up 34 million or an unprecedented 19 per cent since 2007, the eve of the financial and economic crisis, according to a study by the International Labor Organisation.

The figure represents a global unemployment rate of 6.6 per cent last year, an increase of 0.9 per cent over 2007, the annual Global Employment Trends said.

Young workers were particularly hit hard, with unemployment rate up 1.6 points over 2007 to 13.4 per cent, the largest increase since 1991 and the earliest year for which global estimates are available.

"We need the same policy decisiveness that saved banks now applied to save and create jobs," ILO Director General Juan Somavia said in a statement, adding that the coordinated international response to the crisis had averted greater catastrophe.

The report said although economic growth is expected to be positive this year - the IMF said yesterday 2010 global economic growth would reach 3.9 per cent -- the global unemployment rate is expected to remain high through 2010, stagnating between 6.1 and 7 per cent.

Furthermore, more than 1.5 billion workers are in "vulnerable" employment situations, or slightly over half of the world's labor force, it said.

Developed economies -- which contracted 3.5 per cent in 2009 -- were the worst hit, with an unemployment rate rising 2.4 points from 2008 to 8.4 per cent.


Macy's to cut 1,500 store-level jobs

Department store operator Macy's Inc is cutting 1,500 jobs effective March 6, Bloomberg reported, citing two people familiar with the matter.

The affected jobs are store-level positions, the people told the news agency. Earlier this month, Macy's said it was closing five of its namesake department stores, affecting about 307 employees, as it pares underperforming locations.

Macy's could not immediately be reached for comment by Reuters outside regular US business hours.

source: ET


US jobless claims see a decline, layoff fears ease

Fewer Americans filed first-time claims for unemployment insurance last week and total benefit rolls shrank, indicating companies are nearing the end of staffing cuts as the economy recovers. Initial jobless applications declined to 470,000 in the week ended Jan. 23, higher than anticipated, from 478,000 the prior week, Labor Department figures showed today in Washington.

The total number of people receiving unemployment insurance dropped to the lowest level in a year and those receiving extended benefits also fell.

Companies may want to see accelerating sales before taking on more staff after making the deepest payroll cuts in the post- World War II era.

Federal Reserve policy makers yesterday said that while consumer spending is expanding, it is partly being "constrained by a weak labor market."

"We're still improving at a very moderate, very slow pace," said Julia Coronado, a senior economist at BNP Paribas SA in New York. "The economy is having difficulty making the transition from the ending of firings to the beginning of hiring."

courtesy: economic times


ABN Amro India, owned by the troubled UK's Royal Bank of Scotland, may lay off about 70 employees in its retail loans business, as the British bank continues to sell off assets to focus in its home market after getting a government bail out during the credit crisis, people familiar with the matter said. The bank has decided to freeze fresh retail loans, including credit cards and personal loans, to prevent a deterioration in its bad loans, as it inches closer to sale of its trimmed down retail banking to Asia-focused UK bank, HSBC.

ABN Amro in India has been slipping in the last year or so after scores of executives quit the company as RBS struggled for survival during the credit crisis and regulatory issues prevented it from selling Indian business as part of its deal to sell the Asian unit to Australia's ANZ Bank. ABN's former country head Romesh Sobti left in 2008 with some executives to run IndusInd Bank. Its investment banking division withered away with Frank Hancock joining Barclays and another team an Australian investment bank. About 50 from its prestigious Van Gogh Preferred Banking team joined the fledgling Religare Macquarie Private Wealth.

The Dutch bank, which has 120 in the credit cards and loan acquisition team, has offered them some positions in collections and wealth management departments. Those who don't accept it will have to leave by April 7. More than 60 employees may opt for voluntary retirement scheme, which gives them 6-18 months salary.

The bank now has around 2,854 employees, down from 3,300 in early 2008. About 2,500 are in the retail and commercial banking department. The remaining employees are in the corporate, treasury, investment banking and wealth management businesses, which will be retained by RBS. It has another 8,500 in its two outsourcing arms.

ABN was bought at the peak of the last bull market in 2007 in a tripartite deal between RBS, Belgium's Fortis, which went broke, and Spain's Banco Santander. As the three trifurcated the Amsterdam-based ABN as an activist shareholder desired, RBS ended up with the Asian assets, including India. This is at least the second time since the crisis happened, that ABN is laying off staff in India. The bank had, in late 2008, laid off around 300 employees. "When they reviewed the business in November last year, they decided to further trim the head count," said an executive.


Japanese motorcycle maker Yamaha Motor announced Friday plans to close seven factories globally with the loss of 1,000 jobs, in an effort to bounce back from a 2.4-billion-dollar annual loss.

Yamaha, the world's second biggest motorcycle manufacturer after Honda, said it would cut 200 jobs overseas, on top of the 800 in Japan announced last week.

The streamlining is also in addition to a 10-percent reduction in the company's global workforce of 17,000 already underway, a Yamaha spokesman said.

The group will shut five of its 12 domestic factories by 2012, all in Shizuoka prefecture, central Japan, now producing parts for motorcycles, marine products and buggies.

Overseas, Yamaha will close a motorcycling factory in Italy and a marine products plant in the US state of Florida.

"The company is expanding the scope of three structural reforms --reorganising the manufacturing layout, the workforce and reducing costs -- beyond the level envisioned in the previous announcement," Yamaha said.

Yamaha said it suffered a net loss of 216.1 billion yen (2.4 billion dollars) for the year to December, against a year-earlier profit of 1.8 billion yen.

Revenue dropped 28.1 percent to 1.15 trillion yen in 2009 as the economic slump dented sales of motorcycles and marine products both at home and overseas, Yamaha said.

For 2010, the company expects to break even on a net basis with solid demand in Asia projected to lift revenue by 8.4 percent to 1.25 trillion yen.

But "demand in Europe and the United States is not expected to recover for some time," it said. "Thus, sales conditions surrounding the Yamaha Motor Group are expected to remain harsh," it said.

courtesy: ET

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