Panasonic Layoffs Signal Major Restructuring Push
Panasonic Holdings announced Panasonic layoffs of 10,000 employees, 4% of its 230,000-strong workforce, with 5,000 cuts in Japan and 5,000 overseas, per LatestLY.
The restructuring, aimed at boosting profitability, targets sales and indirect departments to streamline operations amid a 17.5% profit drop to ¥366 billion for FY24.
CEO Yuki Kusumi apologized, citing the need to stay competitive.
The layoffs, incurring a ¥130 billion ($895 million) charge, align with exiting low-growth segments.
Despite a 74% Q4 net income rise, EV battery sales weakened, and FY25 profit is forecast at ¥310 billion, below expectations.
Panasonic plans to expand in data center power and energy storage while maintaining EV battery focus.
Read More at LatestLY
