Panasonic’s Japan, Overseas 1700 Job Cuts To Be Same In Percentage Terms

Japanese electronics manufacturer Panasonic Corp.’s previously announced 17,000 job cuts would be the same in percentage terms for its Japanese and overseas employees, according to media reports citing Panasonic’s president Fumio Ohtsubo.

While reporting its financial results for fiscal 2001 , the world’s largest maker of plasma TV sets had said it would shed about 17,000 jobs as part of its restructuring. Panasonic plans to reduce its total employees to a level of 350,000 at the end of March 2013 from 366,937 employees at the end of March 2011. This would be the company’s second round of job cuts.

Citing Ohtsubo, media reports also said that the impact of the earthquake in Japan would affect the company’s sales until September. However, Ohtsubo also reportedly said that the earthquake’s impact in the current quarter was not as severe as feared.

Ohtsubo is said to have noted that supply chains have not fully recovered yet, while concerns also remained about possible shortages of electricity due to the natural disaster and the unresolved nuclear crisis at the Fukushima Daiichi nuclear power plant. He also noted that while production facilities in northern Japan have resumed operations, their output has not returned to prequake levels.

From: Rtt News