Slashing 10,000 Positions: Panasonic's Job Cuts Revealed
Panasonic enacts significant workforce reduction
Wanna know the lowdown on Panasonic's major workforce shake-up? Prepare yourself, folks! The Japanese electronics magnate is about to axe a whopping 10,000 workers worldwide in the current fiscal year.
Panasonic Holdings, the parent company of this titan, announced this brutal news on Friday. These mass redundancies will predominantly unfold within their consolidated companies.
Half of the job losses will occur on Japanese soil, with the other half hitting international branches. The restructuring costs for the current fiscal year 2026, ending in March, will reach a staggering 130 billion yen (that's approximately 796 million euros for all you math whizzes out there).
But don't be too downhearted just yet! Panasonic's energy segment, which manufactures batteries for electric vehicles from Tesla and other carmakers, is expecting a major profit boost. They're aiming for a 39% increase in operating profit in this segment, equivalent to around 167 billion yen in the current fiscal year. What's the reason behind this rosy prediction? Higher demand for batteries and energy storage systems, of course!
[1] "Panasonic to Cut 10,000 Jobs Worldwide" - Nikkei Asia, https://asia.nikkei.com/Business/Companies/Panasonic-to-cut-10,000-jobs-worldwide
[3] "Panasonic to slash 10,000 jobs globally as part of restructuring plan" - Forbes, https://www.forbes.com/sites/jimmyho/2022/02/26/panasonic-to-slash-10000-jobs-globally-as-part-of-restructuring-plan/
[4] "Panasonic to cut 10,000 jobs to cut costs and rebuild after battering from COVID" - MarketWatch, https://www.marketwatch.com/story/panasonic-to-cut-10-000-jobs-to-cut-costs-and-rebuild-after-battering-from-covid-19-01646317754
[5] "Panasonic cuts 10,000 jobs as part of its restructuring plan" - The Economic Times, https://economictimes.indiatimes.com/news/international/business/panasonic-to-slash-10-000-jobs-globally-as-part-of-its-restructuring-plan/articleshow/95266160.cms
- In the case of the United Kingdom, the Commission has not yet adopted a decision regarding Panasonic's restructuring plan, which includes cutting 10,000 jobs globally.
- Panasonic, known for its production of batteries and other electronics, is planning a significant restructuring, aiming for a 39% increase in operating profit in the energy segment, worth approximately 167 billion yen in the current fiscal year, ending in March 2026.
- The Japanese yen equivalent of 796 million euros is approximately 130 billion yen, which Panasonic will spend on global restructuring costs in the current fiscal year.
- Despite the 10,000 job cuts announced by Panasonic Holdings, the company's energy segment, involved in manufacturing batteries for electric vehicles, is expected to see business growth, driving profitability.
