April 28 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
(Reporting by Arpita Mukherjee in Bangalore)