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Japan's Panasonic to cut 35,000 jobs
Thu, 28 Apr 2011 13:05:43 GMT
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Panasonic President Fumio Ohtsubo
Japan's top consumer electronics maker Panasonic has announced plans to cut its work force by 35,000 over the next two fiscal years.

The reduction in workforce comes as part of the company's efforts to streamline overlapping overseas production branches.

"The figure is huge, but so is the company, and for an old-fashioned one like Panasonic, this is a big move," the Montreal Gazette quoted Panasonic's Chief Investment Officer Toru Hashizume as saying on Thursday.

Panasonic has already cut more than 10,000 jobs in fiscal 2010, which ended March 31. The company reportedly plans to close as many as 70 factories around the world.

"I can't say for sure, but I think it's possible we will cut the number of manufacturing bases by 10 or 20 percent," said the company's president, Fumio Ohtsubo, adding that Panasonic has about 350 manufacturing bases around the world.

The Japanese company had 366,937 people on its payroll by the end of March 2011. Its overseas work force accounted for around 60 percent of the total.

MYA/MB/AKM
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