Wednesday, February 4, 2009

Panasonic to Cut 15,000 Jobs

Japanese electronics giant Panasonic is to cut 15,000 jobs worldwide and close 27 plants. The job cuts amount to 5% of its 300,000-strong global workforce.

"The company's business conditions have worsened particularly since last October, due mainly to the rapid appreciation of the yen, sluggish consumer spending worldwide and ever intensified price competition," a company statement said.

Panasonic now projecting a net loss of 380 billion yen or $4.2 billion for the year ending March 31, rather than the 30 billion yen profit it forecast on Nov. 27.

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