Struggling Japanese electronics giant Panasonic today said it was aiming to cut about 5,000 jobs over three years in its automotive and industrial systems unit, following an eye-watering annual loss.
The division, which makes everything from memory chips to car navigation systems, would reduce its existing workforce of about 111,000 people by March 2016, a company spokeswoman said.
The job cuts came less than a month after Panasonic, which has cut about 20 per cent of its total workforce in recent years, booked a USD 7.5 billion net loss over the year
Panasonic, like key domestic rivals Sony and Sharp, has suffered in its television business where lower-costs foreign rivals proved tough competition, while its debt was inflated by the purchase of smaller rival Sanyo.
Panasonic's job cuts are part of a wider industry overhaul aimed rescuing Japan's struggling electronics giants which have also suffered from strategic mistakes that left
their finances in ruins.
The company had a total of 293,742 employees as of March 31, according to Panasonic's website.