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HomeBreadcrumbCalendarsBreadcrumbEconomic Calendar

Panasonic sheds 10,000 jobs

March 2013

Worldwide

Published: 14 Nov 2012 | By Eva HS | Last updated: 14 Nov 2012
   
Panasonic sheds 10,000 jobs -
Panasonic lens
flickr- Håkan Dahlstr...

Electronics giant Panasonic Corp is set to axe 10,000 more jobs on top of the 36,000 layoffs announced last business year.


In a November interview, Panasonic's finance chief Hideaki Kawai revealed only half of the company's business units were meeting a 5 per cent operating margin target. The company expects to have lost close to $10 billion in revenue by March.


"Panasonic's debt holders are concerned and it is critical for us to improve our finances", Kawai concluded. 


On top of the job cuts, Kawai said Panasonic's 88 business units would start seeing sell-offs and business closures starting in early 2013.


Japan's biggest commercial employer was founded in 1918 as a manufacturer of electrical socket extensions and bicycle lamps.

Source
reuters.com www.reuters.com
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Created by Eva HSCreated by Eva HS
on Wed 14 Nov 2012
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Location: Worldwide
Expected date: March 2013
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