Panasonic to Axe 10,000 Workers by the End of March
November 14, 2012 8:29 AM
comment(s) - last by
Panasonic focuses on 5% margins for all business groups
Panasonic's financial future isn't as secure as the company would like. Panasonic's finance chief said this week that about 1/5 of the company's 88 business units are losing money. The finance chief went on to say that only of those 88 units meet the company's target of at least a 5% operating margin.
Panasonic is set to make moves to address the shortcomings in some of its business units with another round of significant layoffs. The company intends to lay off 10,000 workers by the end of March 2013. Panasonic already cut roughly 36,000 workers during its last business year, although some of the jobs Panasonic eliminated were through the sale of businesses.
"Our new boss has said businesses must achieve at least a 5 percent operating profit target within three years," Kawai said, referring to Kazuhiro Tsuga, who took over as company president in June. "But we won't wait that long to tackle units that need to be dealt with."
Panasonic will begin selling off other business segments and closing some of its businesses as early as next year. Panasonic's Hideaki Kawai said that the company intends to earn a group operating profit of at least $2.52 billion in its fiscal year ending March of 2014.
Panasonic warned recently that it would lose close to $10 billion in its fiscal year ending in March of 2013. Panasonic
$5.5 billion in losses during Q3 of 2011 alone, so things appear to be getting better.
This article is over a month old, voting and posting comments is disabled
11/14/2012 11:25:45 AM
Can you fix this, please?
"The finance chief went on to say that only of those 88 units meet the company's target of at least a 5% operating margin."
11/15/2012 8:31:13 AM
I guess 12. Whatchu got? Whatchu got?
"I'm an Internet expert too. It's all right to wire the industrial zone only, but there are many problems if other regions of the North are wired." -- North Korean Supreme Commander Kim Jong-il
Panasonic Loses $5.5B in Latest Quarter
October 31, 2011, 11:26 AM
Report: DISH CEO Makes Aggressive $2B USD Bid for LightSquared's Spectrum
May 20, 2013, 10:25 PM
Apple Releases Tim Cook's Testimony on Corporate Tax Laws
May 20, 2013, 7:40 PM
Apple's Tim Cook to Talk Profit Shifting, Taxes at U.S. Senate Hearing
May 20, 2013, 1:44 PM
HTC to Double Production Capacity for "One" Flagship Smartphone This Month
May 20, 2013, 10:10 AM
LG Showcases 5" Flexible OLED Technology at SID 2013
May 20, 2013, 8:18 AM
Air Force Expects to Save Over $50 Million in 10 Years by Using iPads
May 17, 2013, 12:26 PM
Most Popular Articles
Windows 8.1 Will Be Free; Microsoft Holds Onto Struggling ARM Variant
May 14, 2013, 2:57 PM
Google Announces "Pure" Galaxy Nexus S4 for $649, Android Updates
May 15, 2013, 1:42 PM
Bill Gates Gets Teary-Eyed While Discussing Steve Jobs, Shows Off Life-Saving Tech on 60 Minutes
May 13, 2013, 12:30 PM
U.S. Federal Traffic Board Wants to Make Drunk Driving Threshold Far Harsher
May 15, 2013, 11:32 AM
Google's Eric Schmidt: "Don't Be Evil" was Stupid
May 14, 2013, 11:00 AM
Latest Blog Posts
Quick Note: Sony "Teases" PS4 Ahead of Xbox Reveal in New Video
May 20, 2013, 12:33 PM
Nokia Introduces Instagram-Like App of Its Own to Help Lumia Sales
May 20, 2013, 7:10 AM
Parents of Pre-Teen Drivers Commonly Practice Distracted Driving Says Study
May 9, 2013, 7:16 AM
Apple's iOS 7 Running Into Internal Delays Due to Massive Overhaul
May 1, 2013, 4:26 PM
Elon Musk Willing to Spend More Money on Widening of 405 Freeway
Apr 26, 2013, 7:28 PM
More Blog Posts
Copyright 2013 DailyTech LLC. -
Terms, Conditions & Privacy Information