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| Panasonic to Reduce Production Across Asia |
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Tokyo, Feb 2, 2009 (JCN) - Panasonic Corp. (PC) will cut 560 jobs in Asia due to the closure of two plants in the region, while declining to confirm a report saying the Japanese electronics giant will likely suffer its first net loss in six years. The company will shut down a factory in Malaysia and another plant in the Philippines to cope with a rapid change in the global electronics market.
The closures come as Panasonic is in the middle of a US$9 billion takeover of smaller Japanese rival Sanyo Electric Co. (SANYY.PK) to become one of the world's biggest electronics companies.
Around 500 workers at the Malaysian electronics parts plant in Malacca will be out of work, while some 60 employees at the Philippines battery factory will also lose their jobs. Panasonic also runs two electronics parts plants in the central Malaysia state of Selangor. The spokesman said the company will merge them into one by September.
Panasonic may incur a net loss of about 100 billion yen in the fiscal year ending March 2009. It would mark the first net loss in six years for Panasonic. Panasonic's operating profit will be also worse than its forecast of 340 billion yen. The paper did not give any projection for the operating profit.
- From the 'IRG Telecom, Media, and Technology Weekly Market Review', Jan 26 - Feb 1. www.irg.biz
Copyright © 2010 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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