## Konica Minolta Announces Job Cuts Amid Shrinking Market
Konica Minolta Inc., a leading manufacturer of office, healthcare, and industrial equipment, announced plans to cut 2,400 jobs globally on April 4, 2023. This decision comes in response to a shrinking printer and copier market, exacerbated by a changing work environment that emphasizes paperless and remote work.
The job cuts will affect both regular and non-regular employees and are scheduled to be implemented by March 2025. The company expects to record a loss of approximately 20 billion yen ($132 million) in connection with the restructuring.
"We will improve productivity per person," company President Toshimitsu Taiko told investors. "This is a long-term plan."
Konica Minolta is undergoing a strategic shift, aiming to improve its performance through business selection and concentration. This move comes as sales in the company's core business, office equipment, have been declining due to the increasing adoption of paperless and remote work practices.
Since 2017, Konica Minolta has pursued mergers and acquisitions to diversify its revenue streams and achieve growth. However, these efforts have resulted in significant losses at its acquired subsidiaries.
For the fiscal year ending in March 2023, the company posted a net loss of 103.1 billion yen, marking the fourth consecutive year of net losses and the largest ever recorded by the company.