Toshiba Shutting down two TV factories, laying off 3,000 employees

Electronics manufacturer Toshiba is cutting its television division by 50%, and closing two of its facilities used for flat-panel manufacture. While the company is not completely shutting down the department, it expects that the changes will help the company see profitability in television sales in a tightening market before the end of 2014.

Additionally, the company is shifting focus to emerging markets in the Middle East and Africa where it notes that "growing demand is expected" rather than putting more effort into the highly-competitive European and North American markets.

Consolidating manufacturing efforts from three facilities to one and reducing product lines is intended to "improve profitability and strengthen foundations of the business." Responding to this 3,000-employee layoff report, the company claimed that "Toshiba aims to see profit in its visual products business in the second half of this fiscal year through continued review and reform of business processes and operations."