Japanese camera and medical equipment maker, Olympus Corp., said it plans to cut 2,700 jobs as part of a five-year plan to restore profitability and its financial health.

The company will reduce its workforce by 7 percent by 2014 and also eliminate 12 of its 30 manufacturing facilities around the world by 2015.

Olympus was ensnared in an accounting scandal when it admitted concealing losses of 130 billion yen last year. Nonetheless, the company is forecasting a profit of 7 billion yen for the current fiscal year.