Pioneer exits flat-screen market
Pioneer will close its long-standing flat-screen television business by March 2010 as it struggles with huge losses amid plunging consumer sales. Despite being an early player in the flat screen arena, the Japanese company always struggled to grasp a large share of the market and recently began making a loss in this area.
On February 12, 2009 a small announcement appeared on the Pioneer website stating that the company would “concentrate its investments and commercial efforts” on car electronics, navigation, audio AV and pro-DJ products.
Michiko Kadoi, Pioneer spokeswoman, was quoted on the BBC website as saying: “Since the US financial crisis and ensuring global downturn, our sales of car electronics products and flat-screen TVs plunged worldwide”.
“We were severely hit by battered consumer sentiment.”
Pioneer also announced it is to cut a further 10,000 jobs and warned it expected to report an annual loss of 130 billion yen (€1.1 billion).