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 5:13:22 PM
Pioneer stopped making plasmas a few years ago, they couldn't sell enough to the high-high end to make that part of their business make sense. I have the last-gen Pioneer Kuro Elite that they made, still one of the best displays around.
You're right though, Panasonic makes some of the best plasmas, far better than Samsung's. The GT and VT series have arguably the best picture quality around right now, very easy recommendations if you can afford them.
"We are going to continue to work with them to make sure they understand the reality of the Internet. A lot of these people don't have Ph.Ds, and they don't have a degree in computer science." -- RIM co-CEO Michael Lazaridis
Panasonic Loses $5.5B in Latest Quarter
October 31, 2011, 11:26 AM
Surface 2 LTE Tipped for AT&T, Power Cover Available for Pre-order
March 12, 2014, 9:15 AM
HTC One Leaks: LED Smart Cover, Carrier Models, Google Play Ed.
March 11, 2014, 5:30 PM
New HTC One Camera Details Revealed via Leaked Ad
March 11, 2014, 9:20 AM
India Could Rock Google With Its Biggest Antitrust Fine Yet -- $5B USD
March 10, 2014, 8:12 PM
Apple Releases iOS 7.1, The First Major Update to Its "Rethought" Mobile OS
March 10, 2014, 1:52 PM
BlackBerry CEO Jokes that iPhone Users are "Wall Huggers"
March 10, 2014, 12:20 PM
Most Popular Articles
Bitcoin King Pt. II: Mt. Gox's Dictator Karpelès Proves Tragically Flawed
March 7, 2014, 1:12 PM
Bitcoin King: Mt. Gox CEO Mark Karpelès' History of Arrests, Firings
March 5, 2014, 9:05 AM
Windows 8.1 Update 1 Leaked Early
March 7, 2014, 9:30 AM
Apple Won't Let UK Sons Unlock Their Deceased Mother's iPad
March 6, 2014, 12:44 PM
Lt. Gen. Davis Says Next Gen USAF Bomber Will "Of Course" Surpass $550M/Unit
March 6, 2014, 9:45 AM
Latest Blog Posts
Tesla vs. BMW: Who Has the Safer EV?
Feb 1, 2014, 2:56 PM
Justice Leaks Details of Next HTC One Two Flagship Phone
Dec 5, 2013, 4:04 PM
Global Cyber Espionage Concerns Reveal Growing Cyber Armies
Nov 29, 2013, 11:04 AM
Is The Period Becoming an Expression of Anger?
Nov 26, 2013, 2:02 PM
NSA and Congress -- You Will Never Kill the Constitution, It's an Idea
Nov 10, 2013, 2:00 PM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information