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10471.1 Found this on another site. Yamaha Motor cuts jobs, closes plants Japanese motorcycle maker Yamaha Motor announced Friday plans to close seven factories globally with the loss of 1,000 jobs, in an effort to bounce back from a 2.4-billion-dollar annual loss. Yamaha, the world's second biggest motorcycle manufacturer after Honda, said it would cut 200 jobs overseas, on top of the 800 in Japan announced last week. The streamlining is also in addition to a 10-percent reduction in the company's global workforce of 17,000 already underway, a Yamaha spokesman said. The group will shut five of its 12 domestic factories by 2012, all in Shizuoka prefecture, central Japan, now producing parts for motorcycles, marine products and buggies. Overseas, Yamaha will close a motorcycling factory in Italy and a marine products plant in the US state of Florida. "The company is expanding the scope of three structural reforms -- reorganising the manufacturing layout, the workforce and reducing costs -- beyond the level envisioned in the previous announcement," Yamaha said. Yamaha said it suffered a net loss of 216.1 billion yen (2.4 billion dollars) for the year to December, against a year-earlier profit of 1.8 billion yen. Revenue dropped 28.1 percent to 1.15 trillion yen in 2009 as the economic slump dented sales of motorcycles and marine products both at home and overseas, Yamaha said. For 2010, the company expects to break even on a net basis with solid demand in Asia projected to lift revenue by 8.4 percent to 1.25 trillion yen. But "demand in Europe and the United States is not expected to recover for some time," it said. "Thus, sales conditions surrounding the Yamaha Motor Group are expected to remain harsh," it said.
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Yamaha Motor Cuts Profit Forecast on Weak U.S. July 31 (Bloomberg) -- Yamaha Motor Co., the world's second-largest motorcycle maker, reduced its fiscal full-year net income forecast 23 percent because of falling demand in the U.S. for large motorcycles. The shares dropped the most in more than five months. The company cut its forecast to 45 billion yen ($416.8 million) from an earlier prediction of 59 billion yen, it said in a statement today. Sales will be 1.72 trillion yen, 6 percent lower than the initial forecast. Yamaha expects its first decline in operating profit in eight years after U.S. sales of Royal Star Venture and Roadliner motorcycles dropped 22 percent in the first half. Record gasoline prices and the lowest consumer confidence in 16 years has eroded U.S. demand for the $17,000 bikes. ``Yamaha is taking a severe hit from the economic downturn in the U.S.,'' said Koji Endo, a senior analyst at Credit Suisse Group in Tokyo, who rates the company ``neutral''. ``Demand for big touring motorcycles and boats is drying up.'' Net income in the second quarter plunged 85 percent to 3.6 billion yen, according to Bloomberg calculations. Sales dropped 4.2 percent in the period. Yamaha fell as much as 9.7 percent to 1,761 yen as of 12:30 p.m. on the Tokyo Stock Exchange. The shares have fallen 34 percent so far this year compared with a 13 percent drop in the benchmark Nikkei 225 Stock Average. Motorcycle Sales Motorcycle sales in Japan dropped 23 percent in the first half. In Europe, sales fell 12 percent. In Asia, excluding Japan, sales gained 27 percent. That failed to boost earnings as the smaller bikes the company sells in Indonesia and Vietnam have lower profit margins. The company said it will cut full-year domestic motorcycle production 20 percent compared with a year earlier in response to the slow-down. ``There's no end in sight to the severe conditions,'' said Kozo Shinozaki, the company's general manager of finance and accounting. Earnings also fell because of a stronger yen against the dollar and the euro. The stronger currency cut 15 billion yen in operating profit in the first half.
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