Panasonic axes 15,000 staff - close 27 factories

[katty]

more: http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article5657796.ece

February 4, 2009

Panasonic axes 15,000 staff on profit warning
Rhys Blakely

Panasonic, the Japanese electronics company, will slash 15,000 jobs and close 27 factories after giving warning that it will post an annual loss of ¥380 billion ($4.2 billion).

The world's largest maker of plasma screen televisions dismayed investors when it revised its forecast for the year to March 31, from its previous guidance for a ¥30 billion profit, on the back of plummeting sales, falling prices of electronics gadgets and a strong yen.

To cut costs, it will axe 5 per cent of its global workforce of about 300,000, it said.