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Report: Panasonic to shut down three plants

Posted: 30 Jan 2009 ?? ?Print Version ?Bookmark and Share

Keywords:Panasonic plants close? Asia job cut? electronics falling prices?

Panasonic Corp. plans to close three plants in Asia and axe hundreds of jobs as the Japan company braces to slip into the red for the first time in six years, according to an AFP report.

The report further said that Panasonic was affected by falling electronics prices and the yen's rise, resulting to an expected reported net loss of around 100 billion yen in the business year to March. Still according to the report, Panasonicafter enjoying a brisk sales of plasma TVs, mobile phones and digital cameras in recent yearswill close two of its three electronics parts facilities in Malaysia: the Malacca factory, which churns out film capacitors used in mobile phones; and the Selangor factory, which makes switches for audiovisual equipment. The Malacca factory will close down in March, causing 500 job losses, while the Selangor factory will shut down in September. A Philippine facility producing batteries will also shut down in March, causing 60 job losses.

The company did not confirm the report.

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