Home

Panasonic Announces Its Intention to Cut about 5000 Workers
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Since about 3 years back, when Panasonic Corp received the UTH tax credit in Newark for about $102.4 million (a tax credit based on investment and number of workers employed), it seems to be on a layoff spree throughout the world. The company which employs about 300,000 workers worldwide and is one of the biggest employers of Japan has cut more than 40 thousand jobs within the last two years citing business losses.

Earlier this month, Panasonic said that it saw its profit rising 55 percent in shifting away from consumer gadgets, though its full year report in Japan showed $7.5 billion loss – the biggest loss ever reported by any Japanese company in the non-financial sector. Its annual financial report submitted in Japan also showed a 270 percent rise in operating profit. Hidden behind the net loss was the story of Panasonic acquiring a major Japanese company, Sanyo.

However, this week Panasonic Corp announced that it would cut around 5,000 workers from its automotive and industrial division to bolster its operating profit margin. The company expects laying off the workers would help it raise its overall operating profit to the minimum benchmark of 5 percent decided by Kazuhiko Tsuga, the president of the company.

  
What
Where


The automotive and industrial division employs about 110,000 workers and constitute about a third of the total workforce of Panasonic Corp. Currently Tsuga’s strategy seem to be optimizing and strengthening the division in a bid to shift away from consumer electronics and focus on manufacturing products meant for supply to other companies.

Yoshihiko Yamada, the head of the automotive and industrial division said during a presentation to investors in Tokyo that, “A reduction in labor costs will be a big part of our plan to improve profitability.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney with motions experience

USA-WA-Seattle

Seattle office of our client seeks mid-level litigation attorney with 3-5 years of experience, inclu...

Apply Now

Environmental /Land Use Attorney with 2-3 years of experience

USA-CA-San Francisco

San Francisco office of our client seeks environmental /land use attorney with 2-3 years of experien...

Apply Now

Litigation Attorney with 2-5 years of insurance defense experience

USA-FL-Jacksonville

Jacksonville office of our client seeks litigation attorney with 2-5 years of previous insurance def...

Apply Now

Attorney with 5+ years of complex litigation experience

USA-MI-Detroit

Detroit office of our client seeks attorney with 5+ years of complex litigation experience. The cand...

Apply Now

RELEVANT JOBS

Legal Assistant / Receptionist

USA-IA-Ames

Legal Assistant / Receptionist. Pasley & Singer Law Firm seeks applicants who are professional, orga...

Apply now

Paralegal

USA-LA-Lake Charles

We are looking for a full time legal assistant with plaintiff personal injury litigation experience ...

Apply now

Severe Injury Attorney

USA-TX-Dallas

We will be interviewing for a new attorney.   If interested, please provide your resume and a c...

Apply now

Help Desk Analyst

USA-NY-White Plains

Jackson Lewis P.C. is an employment law firm that represents management exclusively in every aspect ...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top