Panasonic set to cut 15,000 jobs

by Amitjha | February 4, 2009 at 04:07 am

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One more story of recession hit company, and related job cut.This time it is from the electronic giant of Japan,pannasonic.The story is bit interesting because it is going ti close 27 plants world wide.

Well it will be too early to predict the fall of pannasonic, but certainly it is heading in that direction fast.

Japanese electronics group Panasonic is to cut 15,000 jobs and close 27 plants worldwide as it seeks to reduce costs.

The world's largest maker of plasma TVs said it expected a net loss of 380bn yen ($4.2bn, £2.9bn) for the financial year to 31 March.

The company has been hit by a stronger yen and falling sales amid the global economic downturn.

Also on Wednesday, Japanese carmaker Mitsubishi forecast its first annual loss for three years.

It said it expected a net loss of 60bn yen for the year to the end of March, compared with a profit of 34.7bn yen a year earlier.

Amid a slew of downbeat news, Casio Computer, a maker of cameras, digital watches and mobile phones, also cut its outlook for annual net profit to 1.5bn yen from 13.5bn yen, reporting a 87% drop in net income for the April-December period.