1 April 1999: Kimmon Mfg. Co. of Japan is to close four of its ten gas meter factories and slash labour expenses in its efforts to streamline, company officials have said.
The ailing maker of water a…
1 April 1999: Kimmon Mfg. Co. of Japan is to close four of its ten gas meter factories and slash labour expenses in its efforts to streamline, company officials have said. The ailing maker of water and gas meters also announced plans to liquidate quartz glass plants in the US and Germany. Savings in operating costs are estimated at more than 4.8 billion yen. Kimmon will cut personnel costs by 1.4 billion yen annually by reducing its board and cutting salaries and bonuses for senior executives and workers alike. The company forecasts a parent-only pretax loss of 1 billion yen for the fiscal year ending 31 March, up from a previous projection of 860 million yen. It also projects a net loss of 800 million yen, compared with an earlier forecast of profitability.