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(Sharecast News) - Japanese electronics giant Panasonic on Friday announced plans to shed 10,000 jobs worldwide as part of a "personnel optimisation" plan to improve efficiency and streamline operations.
The company, which employs around 230,000 people globally, said it was planning to cut 5,000 roles in Japan and a further 5,000 overseas over the next two financial years.
The changes would happen as part of a consolidation of sales and indirect operations, business terminations, and site consolidation/closures.
The job cuts form part of a structural reform programme, which is expected to add JPY122bn ($840m) to the bottom line by the year ending March 2027.
Panasonic, which grew profits by JPY17bn to JPY467bn in the year ended 31 March 2025, expects to make an annual profit in excess of JPY600bn within two years.
The measures were announced alongside the company's full-year results on Friday, which showed that net sales fell 0.5% to JPY8.46trn ($58bn), mainly due to weakness in the automotive and energy divisions.
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