Hong Kong (CNN)Toshiba is shedding thousands of jobs in its latest attempt to turn its business around.
The Japanese conglomerate said Thursday that it was laying off 7,000 staff, or about 5% of its total workforce, as part of a new, five-year strategy. Toshiba (TOSBF) will also sell its struggling natural gas business in the United States and liquidate its British nuclear power division.
Its stock soared by more than 12% in Tokyo trading following the announcement. Investors were also buoyed by Toshiba’s decision to buy back up to 40% of its own shares, and a pledge to increase dividend payouts.
