Panasonic to axe 1,000 jobs, scale down TV business

7 years ago by in Around the world

Panasonic is undergoing big efforts to revamp its money-losing TV business, with new measures including more than 1,000 jobs cut and a downgrade of the business.

Production of plasma panels at its plant in Amagasaki, Hyogo Prefecture, will be halted by next March, according to reports in the press.

Panasonic is also planning to sell its LCD display panel in Mobara, Chiba Prefecture. The buyer could be one of its All Japan newsese competitors, sources say.

The company acknowledges the problems with its TV business, but does not confirm any measures yet.

"It is true that our TV segment has seen losses in the past several years. We have been saying we wished to make efforts to turn things around," a Panasonic spokesman said. "There are many items under consideration, but we have nothing that we can discuss at this point," he added.

The intense competition, both domestic and overseas, a high yen and falling prices in the industry are among the main reasons for the company’s current difficulties.