Tokyo - Sony (NYSE: SNE) announced on Tuesday that it will cut 8,000 jobs, or about 5% of its global electronics workforce, as part of a plan to reduce costs by $1.1 billion annually amid the economic downturn, the Associated Press reported. The company will also cut an additional 8,000 seasonal and part-time employees; reduce spending on semiconductors and other investments; cease production at various plants; and further outsource production to lower-cost areas.

"These initiatives are in response to the sudden and rapid changes in the global economic environment," the company said in a statement.

Sony last made a major round of layoffs in 2005, when current CEO Howard Stringer took over and cut some 10,000 jobs.

Related Links:
http://snipurl.com/7pklk (AP)

http://snipurl.com/7pkn0 (Bloomberg)