Panasonic to Cut 10,000 Jobs Globally in Major Restructuring Drive

TOKYO, May 09 (News On Japan) - Panasonic Holdings announced on May 9th that it will cut around 10,000 jobs globally as part of a major restructuring effort aimed at strengthening its management foundation for long-term growth.

"It is with a deep sense of regret that we have to touch on employment. I sincerely apologize," said President Yuki Kusumi during an online press conference. "But unless we fundamentally reform the foundation of our business now, we will not be able to ensure sustainable growth 10 or 20 years from now."

The company stated that the layoffs will take place over the current and next fiscal years, amounting to about 4% of its total workforce. Panasonic aims to improve earnings by more than 150 billion yen by the end of March two years from now.

In February, the company announced plans to dissolve its core subsidiary, Panasonic Corporation, which handles consumer electronics and air conditioning, and reorganize it into three separate businesses. It also plans to withdraw from unprofitable operations and consolidate domestic and overseas sites as part of the ongoing reform.

Source: YOMIURI

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