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Daily News

Matsushita to Cut Jobs at Component Unit
Feb 2, 2005
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Matsushita Electric Industrial Co. plans to cut about 600 jobs at a division that makes electronic components, seeking to maintain profitability amid falling prices, the Nihon Keizai newspaper reported.

A spokesman at Matsushita, the maker of Panasonic goods, dismissed the figure as speculation. He acknowledged that the firm had been taking steps to cut its workforce, but would not reveal how many employees it planned to slash.

Matsushita has been soliciting volunteers for early retirement at some divisions, including the components unit, wholly owned Matsushita Electronic Components Co., in the second half of the business year ending this March, the spokesman said.

Matsushita has also launched a program at audiovisual unit Panasonic AVC Networks and mobile unit Panasonic Mobile Communications Co. to help employees find work elsewhere within the company or at another firm.

The Nihon Keizai said at the time that those two units would reduce their workforce by a total of about 1,000 employees.

Matsushita cut some 4,000 employees in its systems development and electronics parts businesses through early retirement in the first half of the current year to March 31. (Reuters)

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