Posted by: youngragingbull | May 30, 2013

Panasonic to cut 5,000 employees

Panasonic Corp. announced Friday that it will cut about 5,000 employees from its automotive and industrial division in a bid to bolster its operating profit margin over the next three years to a 5 percent minimum set by the company’s president, Kazuhiko Tsuga.

The division, which covers automotive components, semiconductors, production machinery and other devices, employs 110,000 people, around a third of Panasonic’s workforce.

The business is at the forefront of Tsuga’s strategy to shift Panasonic away from consumer electronics to building gadgets and machinery it sells to other companies.

Source: Reuters

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