Panasonic planning to cut 35000 jobs

Panasonic planning to cut 35000 jobs
# 29 April 2011 08:28 (UTC +04:00)
Baku - APA-Economics. Panasonic Corp. is Japan’s biggest home appliance maker but the company has plans to cut 35,000 jobs worldwide over the next two years as it has incurred big losses from the restructuring costs and damages occurred from the March 11 disasters, French Tribune reported.

President, Fumio Ohtsubo said regarding the situation that the company is streamlining its operations in order to boost profitability. Also, the operations include selling some of its businesses, and reducing its 385,000 workers by about 9% i. e. to 350,000 only.

Panasonic’s job reductions would definitely be counted as one of the most massive job reductions in Japanese manufacturing history till date.

Competition level in the electronic market is very high as many newcomers and formidable players from South Korea like Samsung Electronics Co. have joined these markets thereby making it difficult for Panasonic and many other Japanese electronics makers including archrival Sony Corp. difficult to struggle.

On Thursday, approx 40.7 billion yen (i. e. $499 million) loss has been reported by the Osaka-based Panasonic for the January-March quarter further Panasonic also reported that the company reported an 8.89 billion yen loss for the same period even in the previous year.

Ohtsubo further added in his statement from Osaka headquarters via a satellite feed in Tokyo that "There is so much left for us to tackle. We hope to revive our TV business".
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