Leading Japanese synthetic fiber maker Toray Industries Inc has announced it plans to axe 2,000 jobs in a bid to slash its workforce by around 10 per cent under a major restructuring drive.

The company said the cuts would be phased in over a two year period with affected workers offered the chance to take early retirement or job opportunities at companies with which Toray has close ties.

Toray, the world’s largest producer of synthetic fibres, added that as part of its business plan it will boost production at plants in China and southeast Asia and will also consider consolidating its domestic plants.