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Daily News

Panasonic to Cut 15,000 jobs, Shut Plants
Feb 5, 2009
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Panasonic Corp. said it will cut about 15,000 jobs and shut 27 plants worldwide. The company also reduced its forecast for the fiscal year through March to a net loss of 380 billion yen (approx. US$4.2 billion), its first annual net loss in six years.

The planned job cuts at Panasonic — half of which will come in Japan — will come by the end of March 2010, and amount to about 5% of its 300,000-strong global work force.

Panasonic also will shutter 14 overseas plants and 13 plants in Japan by the end of March to adjust production and cut costs. The company has 230 production sites around the world but declined to give a regional breakdown.

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