Nissan Restructuring Starting to Pay Off

Company to hire back some works let go during restructuring efforts, signaling rebound in company fortunes.

Published: 14-Feb-2002

TOKYO, Feb 14 (Reuters) - Nissan Motor Co Ltd (7201.T), Japan's third-largest automaker, said on Thursday it would rehire some employees it let go during its drastic restructuring as it prepares for a blitz of new vehicles.

Confirming its comeback from the brink of bankruptcy three years ago, Nissan said last week it would meet the profit and debt-slashing targets of its current three-year revival plan by next month -- a year ahead of schedule.

The restructuring programme unveiled in October 1999 by cost-slashing Nissan Chief Executive Carlos Ghosn called for 21,000 job cuts from a workforce of 148,000 and the closure of five plants.

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