Japanese tech company Panasonic cuts 4% of its global workforce as profits falter
TOKYO AP Panasonic will slash its global workforce by people half in Japan and half overseas to become a more efficient lean company the Japanese manufacturer declared Friday The job cuts amounting to about of its workers will include early retirement offers in Japan and closures and consolidation of various operations according to the Osaka-based maker of home appliances such as washing machines and refrigerators Panasonic also makes solar panels delivery robots facial recognition hardware fuel cells for homes and EV batteries for Tesla cars Also Friday Panasonic disclosed a drop in profit for the fiscal year through March at billion yen billion down from billion yen in the previous fiscal year It sales totaled trillion yen billion down year-on-year The company disclosed the slowing global financial system and weaker demand for electric vehicles were a factor behind its weak results But sales of air-conditioners and consumer electronics products held up in Japan it revealed The company s chief executive Yuki Kusumi notified reporters his heart felt heavy in announcing the job cuts Panasonic did not mention U S President Donald Trump s tariff policies as a factor behind its drop in profit Panasonic forecast that its profit will improve by at least billion yen billion by the fiscal year through March and by billion yen billion by the fiscal year through March That will be achieved through management overhaul closure of unprofitable businesses and building a system that s more responsive to changes in the business setting leaders notified reporters But the turnaround will take time and profit will slip further in this fiscal year For the fiscal year through March Panasonic is projecting a billion yen billion profit on trillion yen billion sales Panasonic stated it remains bullish about EV batteries and plans to supply Japanese automakers Mazda Motor Corp and Subaru Corp in new strategic partnerships Yuri Kageyama is on Threads https www threads com yurikageyama Source
