Seiko Corp. said Wednesday its wholly owned subsidiary Seiko Precision Inc. will shift domestic production of camera devices to Thailand to enhance its competitiveness.
SPI will also cut 200 jobs, 20 percent of its domestic workforce, by the end of March through an early retirement scheme, the trading house dealing in timepieces said in a news release.
Seiko said the measures are part of a restructuring scheme intended to fight a downturn in the information technology market. It did not indicate when the production will be shifted to Thailand.
Seiko said it will later release the possible effects of the restructuring steps on its consolidated earnings for the current business.