April 27, 2011 / 6:23 PM / 6 years ago

UPDATE 1-Panasonic to cut 40,000 workers by FY12 - Nikkei

(Follows alerts)

April 28 (Reuters) - Japanese electronics maker Panasonic Corp will reduce its workforce by about 40,000, mainly in its overseas divisions, by the end of fiscal 2012 to streamline overlapping operations of its two units, the Nikkei business daily said.

The company, which employs about 380,000 people, will incur more than 100 billion yen in expenses this year related to job cuts and plant reorganizations, the daily said.

Panasonic Electric Works Co President Fumio Ohtsubo will announce the downsizing on Thursday, Nikkei said.

Panasonic Electric Works and Sanyo Electric Co, which has employs 60,000 and 100,000 workers respectively, became the company's units on April 1, the daily said.

Panasonic has shed 26,000 workers after the information technology bubble burst, and about 15,000 in the aftermath of the Lehman shock, The Nikkei said.

Panasonic may have logged a profit of about 70 billion yen for the year ended March 31, but its net profit appears to have missed its own forecast of 85 billion yen due to lower sales since the March 11 earthquake, the business daily reported.

For fiscal 2012, net profit will likely fall 30 percent to around 50 billion yen, excluding the effects of the quake, the Nikkei reported. (Reporting by Arpita Mukherjee in Bangalore)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below