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5,000 Panasonic workers to lose jobs

31 May 2013

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Around 5,000 workers will be shown the door by Panasonic Corp. According to a Reuters report, the workers affected will come from the automotive and industrial division. Panasonic president Kazuhiko Tsuga aims to boost the company's operating profit margin to a 5 per cent minimum over the next three years.

The automotive and industrial division consists of around a third of Panasonic's workforce. It employs 110,000 people and covers semiconductors, production machinery, automotive components and other devices. The job cuts represent the company's aim to concentrate on to building machinery and gadgets for sale to other companies, taking focus away from consumer electronics.

"A reduction in labour costs will be a big part of our plan to improve profitability," Yoshihiko Yamada, the head of the automotive and industrial division said, as quoted by Reuters.

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