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Seiko Epson Corp. to Reduce Overseas Workforce and Consolidate Production to Cut Costs
Japanese manufacturer Seiko Epson Corp. has announced plans to reduce its workforce overseas and consolidate production sites as part of a cost-cutting strategy, according to an interview with Chief Executive Officer Yasunori Ogawa. In response to decreasing paper usage in offices, the company, known for its printers and scanners, is taking decisive steps to restructure its operations.
Shutdown of Singapore Semiconductor Hub
As part of the restructuring plan, Epson will shut down its semiconductor production hub in Singapore by 2027. The company intends to relocate some of these operations to Myanmar and Indonesia. This move is expected to optimize production efficiency and reduce overhead costs.
New Collaborations on the Horizon
In addition to the consolidation efforts, Epson aims to collaborate with Rapidus Corp. This collaboration focuses on building next-generation chips in Japan, signaling a strategic shift towards advanced technology development within the country.
While the exact number of overseas jobs affected by these changes remains unspecified, Ogawa assured that there are no plans to reduce the workforce in Japan.
