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December 9, 2008 -- Updated 0742 GMT (1542 HKT)

TOKYO, Japan (CNN) -- Electronics giant Sony will cut 8,000 jobs and shutter about 10 percent of its manufacturing capacity in response to "sudden and rapid changes in the global economic environment," the company announced Tuesday.

The cuts amount to about 5 percent of the company's workforce and are expected to Sony more than 100 billion yen ($1 billion U.S. ) by March 2010, the company said in a written statement.

Sony's electronics business, particularly television sales, has been hard-hit by the slumping world economy, the company said, and it will cut investment in that arm of the business by 30 percent.