No new ‘drastic’ cost-cutting, says Sony

Electronics giant Sony has denied reports that it is set to embark on drastic cost-cutting measures, Reuters has revealed.

The Times reported this morning that Sony is set to transform its business by closing factories and ‘major’ divisions. However, a Sony spokesperson insisted there is no new restructuring plans bar the previously announced $1.1 billion savings measures revealed last month.

"We do not plan to announce additional restructuring measures at this time," said Sony spokesman Atsuo Omagari. "We don’t have any such plan."

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