Panasonic pledges big job cuts
35,000 fewer staff
Consumer electronics giant Panasonic is cutting 35,000 jobs in the next three years as it tries to reinvent itself and its corporate culture.
Even after the cuts Panasonic will have 350,000 staff.
The reorganisation will change management structure from five divisions based on platforms.
Instead Panasonic will be run as three divisions based on the customer - there will be a Consumer, Components and Devices and Solutions division.
Consumer includes AVC Networks and heating/refrigeration and air conditioning products.
Components and Devices includes automotive systems, components for smartphones and other devices and energy devices - lithium batteries and solar panels.
Its Solutions business includes systems and comms, environment and energy including LED lighting. It also includes healthcare products and factory solutions.
On the subject of the great east Japan earthquake, the company said that although it intends to cut spending and reduce costs "it is determined to play a significant role in the country's reconstruction efforts with its products and business activities".