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14h ago

Panasonic Announces 10,000 Job Cuts in Global Restructuring Effort

The electronics giant will incur ¥130 billion in restructuring costs this year as it targets profitability and growth in its EV battery business.

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FILE - People walk by the Panasonic booth during CES International in Las Vegas on Jan. 9, 2018. (AP Photo/John Locher, File)
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Panasonic became a global household name in the latter half of the 20th century

Overview

  • Panasonic will eliminate 10,000 positions globally, with 5,000 cuts in Japan and 5,000 overseas, representing about 4% of its workforce.
  • The company expects to book ¥130 billion ($896 million) in restructuring costs in the current fiscal year ending March 2026.
  • Panasonic's EV battery unit forecasts a 39% profit increase to ¥167 billion, driven by higher sales of batteries and energy storage systems.
  • Group-wide operating profit is projected to decline by 13% to ¥370 billion this fiscal year, reflecting broader market challenges.
  • The restructuring aims to boost profitability by ¥150 billion by 2029, with a focus on operational efficiency and exiting unprofitable businesses.