Panasonic plans $2.7 billion restructuring

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Panasonic Corporation is planning to spend 250 billion yen ($2.7 billion) over the next two years on restructuring of the company, but didn’t indicate if that spending would cover any possible job cuts, reported Reuters.

At Thursday’s news conference in Tokyo, President Kazuhiro Tsuga said he wants to expand the firm’s automotive and housing development businesses as it pulls back from consumer electronics under the company’s mid-term business plan.

“Panasonic has talked about selling assets, but without cutting workers too, it will come across as a restructuring plan that lacks teeth,” said Makoto Kikuchi, the CEO of Myojo Asset Management in Tokyo. “Panasonic does not have the sort of corporate culture which you would expect to see serious layoffs.”

Since peaking at $97 billion in 2007, the company’s sales have contracted by a fifth. Over the past decade, Panasonic’s cumulative net loss adds up to about $13 billion.

Panasonic will also seek external investment in its healthcare business, which Tsuga said he will personally oversee. Panasonic will also sell its majority stake in a logistics business to Nippon Express Co Ltd.

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