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News and Reviews

Mitsubishi to cut jobs, close plants in revival bid

Saturday, May 22, 2004 - Page B4

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Tokyo -- Japanese auto maker will cut nearly 11,000 jobs, close an assembly plant in Japan and receive a $4-billion (U.S.) infusion from the Mitsubishi group and other investors under a revival plan its chief executive officer described as its "last chance." The auto maker, burdened with more than ¥1-trillion ($9-billion) in debt, will close a car plant in Okazaki, Japan, in fiscal 2006 and shut an engine plant in Australia. It reported a deeper-than-expected loss of $1.9-billion for the year ended March 31. "This is our last chance to continue as an auto maker," said Mitsubishi Motors CEO Yoichiro Okazaki. A spokeswoman for Mitsubishi Motor Sales of Canada Inc. said it's business as usual at the company's Canadian operations, which consist of more than 50 dealers and a head office in Mississauga. AP and staff








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