Pioneer getting out of plasma television market

Pioneer getting out of plasma television market

Pioneer is the world’s fourth-largest maker of plasma televisions and they have now announced their exit from this segment of the market.

The company said that this market is no longer profitable and they are now going to concentrate on other divisions.

Pioneer said that they are going to close down its TV business altogether in March next year.

They are now going to concentrate on audio equipment and set-top boxes in addition to car navigation technologies.

This focus shift would result in company cutting around 6000 jobs from their global operations.

Pioneer President Susumu Kotani spoke about this new development: “It hurts that we have to give up on a business that we were leaders in. But market conditions changed too suddenly and we couldn’t stay profitable.”