Green Cross Confirms Job Cuts And Restructuring

8 September 1996

As a result of compensation payments that Green Cross of Japan has agreed to make to hemophiliacs who were infected by HIV through use of the firm's blood products, Green Cross expects to report recurring losses for the current fiscal year of over 5 billion yen ($46 million), and is to implement a restructuring program.

The firm has indicated that it will close four plants in Japan and reduce its workforce to 2,000 from the current 2,400 within three to four years. The plant closures will be made by 2000 and the land will be sold.

Green Cross faces compensation payments of around 24 billion yen in total, and has asked the Sakura Bank, its leading creditor, for financial support for the restructuring program.

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