* Panasonic to cut 1,000 jobs - source
* To stop production at Amagasaki No. 3 plant - source
* Mulls selling Mobara LCD plant - source
* Company says considering options, nothing to announce
* Earnings announcement set for Oct 31
(Changes attribution, adds details)
By Reiji Murai
TOKYO, Oct 20 Panasonic Corp will
reduce plasma TV panel production and lay off about 1,000
people, a source told Reuters on Thursday, as its loss-making
television unit struggles to compete with Asian rivals like
Samsung Electronics .
Panasonic will stop plasma panel production at its Amagasaki
No. 3 factory in Hyogo prefecture, western Japan, by the end of
the financial year in March 2012, the source said.
The company is also considering selling off a liquid-crystal
display panel plant in Mobara in Chiba prefecture, next to
Tokyo, the source said.
A spokesman for Panasonic said the company was considering
various options for its television business, but had nothing to
announce at this point.
The electronics giant said in April it would axe 17,000 jobs
and close dozens of plants over the next two years in a bid to
pare costs and get rid of overlapping businesses following its
takeover of rival Sanyo.
In July, the company said it may not stick to its annual
sales target of 25 million televisions, instead prioritising
The state-of-the-art Amagasaki No. 3 plant has monthly
capacity of 330,000 panels, calculated in 42-inch panel
equivalents, and was completed in December 2009.
The Yomiuri newspaper, which reported the news earlier, said
Panasonic would cut staffing by several thousand.
Panasonic, along with domestic rivals Sony and
Sharp , is struggling to compete with the likes of South
Korea's Samsung and LG , especially after a sharp
rise in the yen against other major currencies.
The Japanese firm is set to announce its July-September
earnings and give an update on strategy on Oct. 31.
(Additional reporting by Isabel Reynolds; Editing by Chris