Tokyo (Reuters) – Japanese manufacturer of electronics Panasonic Holdings announced on Friday the abolition of 10,000 positions and restructuring costs of 130 billion yen (796.07 million euros) for the current exercise, as part of a large reorganization.
The group will carry out these job cuts mainly during the current financial year, half of them being planned in Japan and the other abroad, the group said in a statement.
Panasonic employs around 228,000 people worldwide, according to its website.
The company’s restructuring aims to improve the profitability of the group and reach a return of equity of 10% by the fiscal year ending in March 2029.
Panasonic also declared to aim for an adjusted operating profit of at least 600 billion yen during the fiscal year ending on March 31, 2027, thanks in particular to a reorganization of its general public electronics activities, the abandonment of deficit activities and the rationalization of computer investments.
Almost half of the restructuring costs will be counted in the lifestyle activity, which includes domestic electronics and heating and ventilation systems, and 40% in “other” activities, including Holding. The company does not plan to record restructuring costs in its energy activity.
Panasonic plans to drop 13% in its operating profit, to 370 billion yen, for all of its activities for the current financial year.
(Written by Daniel Leussink, Elena Smirnova, edited by Blandine Hénault)
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