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In The Name Of Efficiency, Canon Inc. (ADR) (NYSE:CAJ) To Shed 100 Jobs In Australia

Boston, MA 05/21/2014 (wallstreetpr) – The maker of cameras, printers and other complex machines, Canon Inc. (ADR) (NYSE:CAJ), intends to lower its workforce as it seeks to become more efficient in a challenging business environment. The company’s planned job-cuts will, however, spare professional positions especially in its print division where it continues to experience improving performance. Instead, the company will remove some administrative and back-office support positions and outsource the functions to third-parties.

Canon intends to shed 100 jobs or about 10 percent of its staff in Australia. The positions will be removed by the end of this year. Downsizing of the Australian operations of Canon mirrors the company’s spirited efforts at maximizing value for the shareholders through cost-saving.

Review Of Operations

Last year saw the Tokyo-headquartered company review its operations and structures in Australia and came up with various strategies aimed at making the company more agile and enhances its ability to respond quickly to customer needs.

Although the company considers job-cuts as one of the approaches towards making it a stable business, Canon expects to continue enhancing its commercial print division. In addition to increasing funding to the division for research and development, the company is also always on the lookout for talents that can boost its performance in the division.

According to a company spokesperson, Canon Inc. (ADR) (NYSE:CAJ) intends to launch new products within the next few months as it targets higher print sales and expansion of its market share in the commercial print market.

Corporate Business

Canon Inc. (ADR) (NYSE:CAJ)’s positive reputation and marketing acumen continue to see the company winning big businesses from the global corporate world. The company recently announced a deal with the German automaker Volkswagen AG. The business deal will see the company provide printing solutions and services to the automaker over a multi-year contract.

Canon Inc. (ADR) (NYSE:CAJ) posted a profit of $7.55 million on revenue of $756.5 million in 2013 calendar year.

Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.

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