Panasonic to Slash 15,000 Jobs, Forecasts Loss

Wednesday, February 4, 2009

Panasonic to Slash 15,000 Jobs, Forecasts Loss

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Panasonic will cut about 15,000 jobs and predicted its first loss in six years as the deepening recession hurts demand for televisions and cameras.

The company forecast a net loss of 380 billion yen ($4.3 billion) and a 15 percent decline in sales in the year ending March 31.

The company today lowered its revenue forecast by 8.8 percent as falling demand and prices turn the main TV operations unprofitable this year.

Panasonic, which is seeking to buy Sanyo Electric Co. to become the world?s largest maker of rechargeable batteries, said today it?s behind schedule on the planned takeover.

The job cuts will involve part-time and full-time employees. The company also plans to close 27 factories initially and more plants may be shut next fiscal year.