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Panasonic shaves 17,000 jobs, plans reorganization

Posted: 03 May 2011 ?? ?Print Version ?Bookmark and Share

Keywords:Panasonic job cuts? Panasonic restructuring? consolidation? restructuring charges?

Panasonic Corp. has announced that it will cut about 17,000 jobs in the next two years, citing as reasons huge losses and a complex restructuring.

According to Dow Jones, the Japanese firm has already eliminated 17,600 jobs the past year. Following the planned reduction, Panasonic's workforce will most likely stand at 350,000.

The company expects the restructuring charges to be at the $1.3 billion (110 billion yen) level in fiscal 2012 and the $612 million (50 billion yen) level in fiscal 2013.

''Panasonic will review overlapping businesses within the group and consider consolidation or transfer them to outside companies. At the same time, Panasonic will reorganize its bases and reassign its personnel, as the reorganization involves consolidation and streamlining at the group's head offices and all business domains,'' according to the company.

To restructure the company's lithium-ion battery business, the company will shift production to China. The company will invest 55 billion yen ($673 million) through fiscal 2013 in China, including construction of a new factory in Suzhou.

Panasonic will increase purchase of LCD panels from outside vendors and transfer a production line of its third domestic PDP plant in Amagasaki City in Japan to China.

- Mark LaPedus
??EE Times

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