Firm retrenches 700 workers

Electronics giant Panasonic is shutting down its refrigeration compressor manufacturing operations in Singapore, resulting in the layoff of some 700 workers. But its global headquarters for the refrigeration compressor business and research and development activities will remain here, the group said.

The layoffs represent about one-third of its total workforce here. Around half of those affected are Singaporean, while another 13 per cent are permanent residents.

The decision comes amid the challenging global business outlook and the firm's strategic review of its refrigeration compressor business portfolio.