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Tue 3 May 2011 12:40 PM

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Panasonic sees Middle East growth amid huge job cuts

Electronics giant to slash 17,000 jobs over two years, but sees expansion in Middle East

Panasonic sees Middle East growth amid huge job cuts
Panasonic last month confirmed plans to cut staff numbers by at least 4.6 percent to 350,000 by March 2013, costing about $2bn in restructuring fees

Panasonic, the world’s largest maker of plasma televisions, said
it would grow its Middle East operations despite a plan to slash 17,000 jobs
from its global workforce by 2013.  

The company-wide restructuring will not impact Panasonic’s
Middle East team, where the Japanese electronics giant plans to expand its
staff numbers, a spokesperson said.

“When the drastic group-wide reorganisation is completed,
Panasonic will have an optimum structure that enables the group to pursue new
growth strategies,” said Anthony Peter, associate director of communications at
the firm’s Middle East unit.  

“In the Middle East, Panasonic will continue to strengthen
and expand the regional team.”

The electronic firm last month confirmed plans to cut staff
numbers by at least 4.6 percent to 350,000 by March 2013, costing about $2bn in
restructuring fees.

The electronics firm said last month it would also halt investment
in both plasma and liquid-crystal display operations in a bid to revive
profitability.

The restructuring process will see Japan’s biggest maker of
home appliances eliminate overlapping operations in businesses such as white
goods and car navigation systems, it said in a statement. The company will also
consolidate marketing and research units and may sell some operations, it said.

Panasonic may also reduce the number of plants it has
globally by 10 to 20 percent from about 350.

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