Konica Minolta Inc., a prominent manufacturer specializing in office, healthcare, and industrial equipment, recently unveiled its decision to downsize its workforce by laying off 2,400 employees worldwide. This move comes in response to the shrinking demand in the printer and copier market, reflecting the evolving landscape of work environments.
The layoffs at Konica Minolta will impact both regular and non-regular workers and are set to take place by March 2025. The company is anticipating a loss amounting to approximately 20 billion yen as a consequence of this restructuring effort. Addressing investors, President Toshimitsu Taiko expressed the company's strategy to enhance productivity per individual as part of a comprehensive, long-term plan.
In an endeavor to revamp its performance and adapt to market changes, Konica Minolta is actively engaging in a transformation under the theme of "breaking with the past." Particularly focusing on refining its business selection and concentration, the company aims to navigate the challenges posed by diminishing sales in its core segment of office equipment, attributed to the growing popularity of paperless practices and remote work arrangements. Despite efforts to diversify revenue streams and foster growth through mergers and acquisitions since 2017, Konica Minolta has grappled with significant losses from its acquired subsidiaries. The company's financial reports depict a distressing trend, with a net loss of 103.1 billion yen for the fiscal year ending in March 2023 marking the fourth consecutive year of reporting losses, representing its largest annual loss to date.