Yamaha to shut seven factories worldwide
1000 jobs axed globally as motorcycle giant reveals £1.5 billion loss
YAMAHA HAS announced plans to close seven of the company's factories with the loss of 1,000 jobs, after the firm announced a £1.5-billion annual loss.
The company has announced it is to shed 200 jobs overseas, as well as 800 more in Japan.
Twelve factories in Japan are to go by 2012, along with plants in Italy and America.
"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.
In the official company statement, Yamaha continued: "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."
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