Panasonic plans to slash 17,000 jobs
Panasonic Corp., maker of innovations for the home and business, said today it is eliminating 17,000 jobs over the next two years in addition to the 17,600 jobs it already cut during the last fiscal year.
The layoffs are part of a larger effort to combine and streamline operations at two majority-owned units and turn them into wholly-owned subsidiaries.
The producer of consumer electronics is paring down its global workforce of more than 360,000 to adapt to a changing global environment.
A portion of the job cuts stem from the sale of some operations at subsidiary Sanyo Electric Co.
The New York Times reports that Japan-based Panasonic, formerly known as Matsushita Electric Industrial, is restructuring its operations to compete with South Korean and Chinese competitors in an industry that is increasingly focusing on consumers in emerging markets.
The reorganization will cost about ¥160 billion, or $2 billion, the chief executive of Panasonic, Fumio Ohtsubo, said.
According to the Chicago Tribune, for the full fiscal year ended March 31, Panasonic reported a swing into a net profit of Y74.02 billion from the year-earlier loss of Y103.47 billion. Operating profit jumped 60 percent to Y305.25 billion, while revenue climbed 17 percent to Y8.693 trillion.
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