The Straits Times
www.straitstimes.com
Published on Nov 14, 2012
 

Panasonic to sell off unprofitable business units and axe 10,000 jobs

 
 

KADOMA, Japan (REUTERS) - About a fifth of Panasonic Corp's 88 business units are losing money and only half so far meet a target for at least 5 per cent operating margin, the Japanese electronics group's finance chief said in an interview on Wednesday.

Mr Hideaki Kawai said the country's biggest commercial employer will axe another 10,000 jobs by end-March as it pares its costs and looks to return to profit.

Panasonic shed 36,000 jobs last business year, some through the sale of businesses.

"Our new boss has said businesses must achieve at least a 5 per cent operating profit target within three years," Mr Kawai said, referring to Mr Kazuhiro Tsuga, who took over as company president in June.