Panasonic to slash 15,000 jobs
p2pnet news view | Products:- Panasonic, Japan’s largest consumer electronics company, will slash 15,000 jobs and close down 27 factories.
But not to worry, says Forbes:
With $4.2 billion in losses reported for the year ending March 31, demand for Panasonic TVs, digital cameras, refrigerators and components has shrivelled, it says .
However, “When rival Hitachi projected a loss of closer to $8 billion on Friday, after stock markets in Japan had closed, by contrast there was investor agitation. Shareholders unconvinced by pledges to slash payrolls stampeded for the exit when trading began on Monday, causing Hitachi’s stock price to plummet by 17.0% in one day.”
Panasonic, though, “was spared such a fate. Even though newspapers in Japan have speculated for days about wider losses, its share price has gained for the past two days. Since the start of the year, its market value has dipped only by some 2%. That performance compares with a 9% decline in the Nikkei 225 benchmark over the same period and a 20% contraction in Hitachi’s shares.”
The reports doesn’t say if bargain basement retail sales of product from various Japanese manufacturers are soon to be expected.
Forbes – Scant Panic at Panasonic, February 4, 2009
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