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Economy
In reply to the discussion: STOCK MARKET WATCH -- Wednesday, 14 November 2012 [View all]xchrom
(108,903 posts)17. Panasonic prepares for "garage sale", to axe 10,000 jobs
http://www.reuters.com/article/2012/11/14/us-panasonic-cfo-idUSBRE8AD0D120121114
(Reuters) - About a fifth of Panasonic Corp's (6758.T) 88 business units are losing money and only half so far meet a target for at least 5 percent operating margin, the Japanese electronics group's finance chief said in an interview on Wednesday.
Hideaki Kawai said the country's biggest commercial employer will axe another 10,000 jobs by end-March as it pares its costs and looks to return to profit. Panasonic shed 36,000 jobs last business year, some through the sale of businesses.
"Our new boss has said businesses must achieve at least a 5 percent operating profit target within three years," Kawai said, referring to Kazuhiro Tsuga, who took over as company president in June. "But we won't wait that long to tackle units that need to be dealt with."
Sell-offs and business closures will start as early as next year, he told Reuters at Panasonic's headquarters in Kadoma, near Osaka in western Japan.
(Reuters) - About a fifth of Panasonic Corp's (6758.T) 88 business units are losing money and only half so far meet a target for at least 5 percent operating margin, the Japanese electronics group's finance chief said in an interview on Wednesday.
Hideaki Kawai said the country's biggest commercial employer will axe another 10,000 jobs by end-March as it pares its costs and looks to return to profit. Panasonic shed 36,000 jobs last business year, some through the sale of businesses.
"Our new boss has said businesses must achieve at least a 5 percent operating profit target within three years," Kawai said, referring to Kazuhiro Tsuga, who took over as company president in June. "But we won't wait that long to tackle units that need to be dealt with."
Sell-offs and business closures will start as early as next year, he told Reuters at Panasonic's headquarters in Kadoma, near Osaka in western Japan.
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Demeter
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I put this up in GD early this morning. Like every post that will actually effect their lives,
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