Feb 4, 2009
Source: Yahoo.com
Panasonic cutting jobs as it slips into red
Panasonic Corp. says it is reducing 15,000 jobs worldwide, about 5 percent of its work force, by the end of March 2010.
Half of those will be overseas, while the other half will be in Japan, the Japanese electronics maker said Wednesday.
The company, which makes digital cameras, flat-panel TVs, batteries and cell phones, isn't giving a further breakdown by nations.
It is also shuttering 14 overseas plants and 13 plants in Japan to adjust production and cut costs.
Panasonic is expecting a 380 billion yen loss for the fiscal year ending March 2009, its first yearly net loss in six years. It had previously forecast a 30 billion yen profit.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
TOKYO (AP) — Panasonic Corp. says it is reducing 15,000 jobs worldwide, about 5 percent of its work force, by the end of March 2010.
Half of those will be overseas, while the other half will be in Japan, the Japanese electronics maker said Wednesday.
The company, which makes digital cameras, flat-panel TVs, batteries and cell phones, isn't giving a further breakdown by nations.
It is also shuttering 14 overseas plants and 13 plants in Japan to adjust production and cut costs.
Panasonic is expecting a 380 billion yen loss for the fiscal year ending March 2009, its first yearly net loss in six years. It had previously forecast a 30 billion yen profit.
