Sony, which manufactures the Playstation among other devices, has announced job cuts and site closures.

Sony Corporation has announced it will close manufacturing sites and reduce employee numbers in its electronics division by 5% in an effort to save 100 billion yen (around £732 million) by the end of the 2010 fiscal year.

These actions are being taken “in response to the sudden and rapid changes in the global economic environment” and will affect employees around the world.

Sony plans to reduce its electronics business by 30%, which will include the postponement of its investment in expansion plans for the Nitra plant in Slovakia, which operates as one of Sony’s main LCD TV factories.

It also plans to end production at two sites, including the Sony Dax Technology Centre in France, which produces VHS and 8mm cassettes for a European market. Overall, its manufacturing sites will be reduced by 10%.

This news follows the company’s recent second quarter financial statement, which revealed a 71% fall in net profits.

The Sony Group focuses on electronics, game, entertainment and financial services. Headquartered in Japan, it employs more than 180,000 people worldwide.