The Straits Times
Published on Jan 09, 2013

Panasonic considers headcount savings, asset sales in revival plan


LAS VEGAS (REUTERS) - Japan's Panasonic may see its headcount fall further and may sell non-core money-making business units to raise cash, its president Kazuhiro Tsuga told reporters at the CES consumer electronics show in Las Vegas on Tuesday.

Hammered by competition from South Korean rivals such as Samsung Electronics, Panasonic may also squeeze wages and seek joint ventures in its semiconductors and other struggling operations in a bid to rekindle profit growth, Mr Tsuga said.

Shares in Panasonic slipped 1.4 per cent to a two-week low in Tokyo morning trade, compared to a 0.4 per cent increase on the benchmark Nikkei average.

The Panasonic chief said in an earlier keynote speech he would pursue strategies to expand business-to-business sales of car batteries, in-flight entertainment systems, hydrogen cells, solar panels and LED lighting.