Panasonic is to cut 15,000 jobs and close 27 manufacturing plants, after it was revealed the firm expects to make a £2.9 billion loss for the year.It will be the first time the firm has made a loss in three years.
The 15,000 figure represents five per cent of the firm’s total work force. Apparently, roughly half of the cuts will take place in Japan and half in the rest of the world, according to the BBC. The whole process will be completed by next year.
“Sales fell in all our business segments in the third quarter to the end of December,” said Panasonic director Makoto Uenoyama. “We expect sharper sales declines in this quarter, and profits are likely to shrink in every segment."
Advertisement
Related Stories
- Panasonic announces record loss May 13th 2012 at 11:52PM
- Panasonic becomes Paralympic partner Mar 12th 2012 at 1:05PM
- Panasonic's Android Eluga arrives with a splash Feb 21st 2012 at 1:20AM
- Panasonic joins Sony in forecasting massive losses Feb 6th 2012 at 7:59AM
- Printers and print accessories Jan 13th 2012 at 11:25AM
- Panasonic reveals Android-powered Toughpad FZ-A1 Nov 8th 2011 at 4:15PM
- Olympus admits covering up losses Nov 8th 2011 at 11:09AM
- IFA: Panasonic launches cheaper pro 3D camera Sep 2nd 2011 at 2:44PM
- Vendors team up to create universal 3D standard Aug 10th 2011 at 3:42PM
- Up to 10,000 job losses feared at Cisco Jul 12th 2011 at 1:35PM
