Panasonic plans to axe 8,000 staff
15 November 2012
Panasonic is to axe 8,000 jobs by the end of March 2013 as it continues its restructuring plans.
The company has already axed 38,800 staff and the additional cuts will mean that about 13% of its workforce has been eliminated in two years.
Panasonic chief financial officer Hideaki Kawai said that a fifth of the firm's 88 business units were losing money and that only half of the units had met a target set by company president Kazuhiro Tsuga to achieve at least a 5% operating profit target within three years.
Panasonic's television business has suffered from a decline in competitiveness. Other Japanese electronics makers, such as Sony and Sharp, have also felt the effects of a shifting market, and this has led the firms to look at different sources for revenue.
According to the head of panel displays at Panasonic, Yoshio Ito, the division should return to profit in the three months to March 31 due to a refocus on selling LCD panels to makers of tablets and PCs.
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