Panasonic to cut 5,000 staff
30 May 2013
Panasonic has revealed plans to cut up to 5,000 jobs in its automotive division over the next three years in attempts to improve profits.
The company has struggled to maintain sales and revealed a net income prediction of 50bn yen earlier this month, 14bn less than analysts had expected.
The company has lost ground to rival companies such as Samsung and Sony, losing large sums of money over the last two years.
The division employs around a third of Panasonic’s workforce but company president Kazuhiko Tsuga has revealed a two-year restructuring plan which aims to turn around its electronics division.
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