Komori Calls for Voluntary Retirements
Komori Corporation resolved at a Board of Directors’ meeting held on June 29, 2009 to call for voluntary retirements.
Komori says it is fully aware of the serious impact that the worldwide recession is having on corporate-sector earnings. Under these circumstances, the company has continued to implement emergency measures aimed at securing profit improvement to overcome current harsh operating conditions. Concerned that the markets in which it operates will remain entrenched in a prolonged downturn, Komori has decided to step up efforts “to reduce fixed expenses as an adjunct to timely and robust measures.”
In order to achieve a conclusive performance recovery from the fiscal year ending March 31, 2011, Komori has therefore called for employee interest in a newly established voluntary retirement scheme.
(1) Number: Approximately 130 persons
(2) Eligibility: Komori employees
(3) Application Period: July 17, 2009 to July 31, 2009
(4) Retirement Date: August 15, 2009
(5) Preferential Treatment: Payment of an additional predetermined extraordinary lump sum amount on retirement; support through an outplacement agency for those seeking reemployment
Komori Group subsidiaries in Japan also intend to offer voluntary retirement to their employees. As a result, the Group plans to reduce personnel by around 200 (including the approximate 130 Komori employees mentioned above).
Taking into consideration the extraordinary lump sum payments in connection with this call for voluntary retirements, Komori expects to incur an extraordinary loss. The amount and other details will be disclosed as and when determined.