Panasonic Cutting 15,000 Jobs
Panasonic said this morning that it will cut 15,000 jobs and close 27 plants worldwide, following the company's first quarterly loss in six years, as the Japanese consumer electronics maker struggles with the global recession and a rising yen.
Panasonic makes flat-screen TVs judged superior to most by consumer groups, but that wasn't enough to stave off the loss.
After the U.S., Japan is the world's biggest exporter, heavy on consumer goods aimed at the U.S., where 70 percent of GDP is made up of consumer spending.
Further, the yen's strength makes Japanese goods more costly overseas.
Today's Panasonic news follows a raft of bad news last week out of Japan, which saw its unemployment rate rise and job cuts and poor earnings from NEC, Sony and Toshiba.
February 4, 2009; 10:29 AM ET
Categories: The Ticker | Tags: Japan, Panasonic, Sony, recession
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