Olympus Corp. said Friday it will cut 2,700 jobs and restructure plants as it seeks to recover after writing down assets following an accounting-fraud scandal involving more than ¥100 billion.
The jobs, about 7 percent of Olympus' global workforce, will be eliminated by March 2014, the company said. Olympus will scrap about 40 percent of its 30 plants worldwide by March 2015, it said.
The world's biggest maker of endoscopes needs to shore up capital after writing down the value of assets because of a 13-year accounting fraud exposed by former President Michael C. Woodford. The firm will increase its focus on the imaging, medical and life-sciences businesses as Olympus aims to boost its capital ratio to more than 30 percent by March 2017, it said in a statement.