OSAKA -- Sumitomo Precision Products will withdraw from or scale back loss-making businesses including communications as the Japanese company seeks to more than triple its operating profit margin to 5% over the next four years.
The manufacturer will slash staff in operations for thermal and environmental-related products. The company also will partner with trading house Sumitomo Corp., its new leading shareholder, to expand sales outlets in the profitable aerospace segment. Sumitomo Precision's operating margin totaled 1.5% for the fiscal year that ended in March.
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