10229
Panasonic Closes China Plant
World Economy

Panasonic Closes China Plant

Panasonic has closed its last remaining TV manufacturing factory in China and is to sell its plant in Mexico as part of a restructuring plan aimed at stemming losses, it was reported on Saturday.
The Japanese electronics giant was forced to pull the plug on local production in the two countries due to a sharp decline in TV prices in North America and China, AFP quoted the Nikkei newspaper as saying. The move will see Panasonic cutting back overseas production by 700,000 units a year, representing about 10 percent of worldwide output, it said.
In China, the firm stopped production at an 80 percent-owned joint venture in Shandong Province on Friday. The company plans to liquidate the venture with the several hundred workers there likely to be laid off.
It will continue to sell TVs in China by outsourcing production for the roughly 200,000 units a year that it used to manufacture in-house, it said. In Mexico, Panasonic is expected later this year to sell a plant that has annually churned out about 500,000 units mostly shipped to the US market, the Nikkei said.
The company now plans to focus more on high-resolution models and other high-value-added TVs, it added.
Panasonic has been struggling to boost earnings in the TV segment, which has been losing money over the last six years. The TV business logged a loss of 46.5 billion yen ($396 million) for the fiscal year to March last year.
Panasonic expects to sell roughly seven million TVs worldwide this fiscal year, excluding those under the Sanyo brand. No one at Panasonic was immediately available to comment on the report.

 

Short URL : http://goo.gl/9djR3G

You can also read ...

Shifting transactions from cash to digital payments holds great promise for  individuals, businesses and governments.
More than 23% of the world's economy operates out of sight of...
Federal Reserve Board Chairman Jerome Powell speaks during a hearing before the Senate Banking, Housing and Urban Affairs Committee.
US Federal Reserve Chairman Jerome Powell said protectionism...
India Launches 888 Anti-Dumping Probes
The Indian government has initiated as many as 214 anti-...
Fitch Retains Philippine  Debt Rating
Global debt watcher Fitch Ratings kept the Philippines’...
The warnings come amid a period of financial uncertainty for the world.
US officials who helped the country survive the 2008 financial...
UN to Help Rebuild Gaza Economy, Create Jobs
Against the backdrop of rapidly rising tension, violence,...
Africa Next Frontier for Crypto
Cryptocurrency is not bound by geography because it is...
EU to Fine Google $5 Billion
Google will be fined about €4.3 billion ($5 billion) by the...

Trending

Googleplus