Japanese electronics giant Panasonic is going to cut 7,000 jobs in its semiconductor sector after years of losses, Xinhua reported Thursday citing local media.
The reduction will be made by the fiscal year of 2014 through March 2015, which accounts for nearly half of its current employees in the sector, Kyodo news reported, citing unnamed sources.
Most of the job losses will affect Panasonic's overseas plants, including those in China, Indonesia, Malaysia and Singapore, while workers in Japan will be transferred to other businesses, the sources added.
The decision was made after Panasonic's semiconductor business has been losing money amid fierce international competition, and the company is putting more resources in auto- and housing-related businesses, according to the report.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app