Panasonic May Cut More Jobs as TV Maker Sees $9.6 Billion Loss
Panasonic Corp. (MAT1), Japan’s third- biggest employer, eliminated almost 39,000 jobs in the past year, and its chief financial officer said the TV maker doesn’t plan another round of cuts. Investors say it has to.
Even after reducing its workforce by about 11 percent — almost double the reductions at Sony Corp. (6758) and Sharp Corp. (6753) combined — Panasonic will lose 765 billion yen ($9.6 billion) in the year ending in March, the company said today. The potential second-highest loss in its history prompted Panasonic to skip a dividend for the first time since 1950 because of an “urgent need” to improve its financial position.
“They have to cut, cut, cut,” said Edwin Merner, president of Atlantis Investment Research Corp. in Tokyo, which manages about $300 million in assets. “They’re not doing it fast enough. You have to be lean and mean.”…
via Panasonic May Cut More Jobs as TV Maker Sees $9.6 Billion Loss – Businessweek.
Panasonic sees $9.6-billion loss
Panasonic Corp said it will lose almost $10-billion (U.S.) this business year as it cleans house of risky assets, writing down billions of dollars of goodwill and assets in its mobile and energy units while its new boss readies for a fresh bout of restructuring.
Panasonic, founded in 1918, is heading for a fourth net loss in five years after forecasting a ¥765-billion ($9.6-billion U.S.)) loss for the year to March, nearly matching a record net loss of ¥772-billion last business year. The result would boost its cumulative loss over five years to nearly $25-billion…
via Panasonic sees $9.6-billion loss – The Globe and Mail.
Panasonic may cut 53 jobs in Newport closure plan
More than 50 jobs are at risk at Panasonic in Newport as the company announced it may close the premises.
In March, the firm said it was moving production of telephone exchanges from Newport to Vietnam cutting 164 jobs.
The factory has since been made a customer support centre for Europe but is now facing possible closure with its work moved to Cardiff and elsewhere.
The trade union Unite said that its members were “shocked and stunned” by the announcement.
via BBC News – Panasonic may cut 53 jobs in Newport closure plan.
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