15,000 jobs to go at Panasonic

Paul Milligan, 04 February 2009

Japanese electronics giant Panasonic has announced it is to cut 15,000 jobs by March 2010. Half of the job losses will come in Japan, with the rest from international workforce reductions. Panasonic expects to make a net loss of 380bn yen (£2.9bn) for the financial year to 31 March. The company has been hit by a stronger yen and falling sales during the worldwide economic downturn.

The job cuts represent about five per cent of Panasonic's workforce, the loss in the current business year will be the company's first in six years.

Despite the current financial downturn Panasonic still remains in the process of buying Sanyo Electric for $9bn.

Another Japanese electronics company NEC, has also announced it is to cut 20,000 jobs worldwide by March 2010 and Hitachi will also cut up to 7,000 jobs.

The news comes hot on the heels of Sony announcing it has missed its forecast by $5bn this year.