[Japan] Hoya - Cost Savings For 2009

Hoya Corp. said that it expects fixed-cost savings from streamlining and other measures to help lift profit by JPY 10-13BN in the year through March 2010. In the 2008 fiscal year, the precision equipment maker moved digital camera production in Tochigi Prefecture to the Philippines and elsewhere, as well as leaving the crystal glass business. This resulting reduction in domestic payroll by 144 jobs is expected to help save JPY 7-10BN in personnel costs this fiscal year. At the end of fiscal 2008, Hoya also wrote down JPY 30.5BN of roughly JPY 45BN in goodwill on its 2007 acquisition of Pentax Corp. This will lower Hoya's goodwill amortization burden by about JPY 3BN annually starting this fiscal year.