Manufacturing News

Panasonic plans to cut 5,000 jobs

Major Japanese electronics manufacturer Panasonic plans to cut about 5,000 jobs over three years in its automotive and industrial systems unit. The job losses are overseas.

AAP reports that the move follows a large annual loss. The company booked a 754.25 billion yen ($A7.82 billion) net loss over the year to March.

In recent years, the company has cut about 20 per cent of its total workforce. This leaves a current workforce in the automotive and industrial systems unit of about 111,000.

According to its website, Panasonic had a total of 293,742 employees as of March 31.

The company’s debt was inflated by its purchase of Sanyo. In addition, its television business is doing poorly because of competition from lower-cost foreign rivals.

Apart from Panasonic, the broader Japanese electronics manufacturing sector is currently struggling and is undergoing restructuring.

 

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