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Ryan Housknecht via flickr
For three hours, those attending the meeting voiced their unhappiness over extensive layoffs and factory shutdowns. In April, the company declared a cut of 20 thousand positions and the closing of 7 out of 17 plants. These choices came after last year's crisis, which resulted in a net loss of 671 billion Japanese yen ($4.6 billion).
The financial situation of the company is still precarious: Nissan's liabilities total approximately 800 billion yen ($5.4 billion), which must be settled next year. During the previous winter, Nissan was negotiating a merger with Honda.
The firms entered into an initial accord to establish a joint holding firm, but the plans quickly shifted. The rationale was Honda's suggestion to incorporate Nissan into its framework solely as a subsidiary, entirely overseen by the parent firm.
The management of the company stated it would consider shareholders' dissatisfaction, mentioning that it was already working to rescue the company from the crisis. “We acknowledge your dissatisfaction,” said the head of the company, Ivan Espinosa, to the shareholders. “However, I believe we possess all the necessary resources to reconstruct the organization.”
source: bloomberg.com
The financial situation of the company is still precarious: Nissan's liabilities total approximately 800 billion yen ($5.4 billion), which must be settled next year. During the previous winter, Nissan was negotiating a merger with Honda.
The firms entered into an initial accord to establish a joint holding firm, but the plans quickly shifted. The rationale was Honda's suggestion to incorporate Nissan into its framework solely as a subsidiary, entirely overseen by the parent firm.
The management of the company stated it would consider shareholders' dissatisfaction, mentioning that it was already working to rescue the company from the crisis. “We acknowledge your dissatisfaction,” said the head of the company, Ivan Espinosa, to the shareholders. “However, I believe we possess all the necessary resources to reconstruct the organization.”
source: bloomberg.com
