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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Storms knock out TVA nuclear units, power lines 27 Apr 2011 Alabama storms, tornoadoes kill 45 -authorities 27 Apr 2011 Exclusive: Facebook investors look for exits 27 Apr 2011 UPDATE 8-Buffett's Berkshire says Sokol deceived, broke law 27 Apr 2011 UPDATE 3-Sony gamers threaten to leave after hack 27 Apr 2011 Discussed 150 Texas governor calls for prayers for rain 138 Obama sees no magic bullet to push down gas prices 90 White House releases longer Obama birth certificate Watched Fire ants form rafts to defy floods Tue, Apr 26 2011 Nokia announces layoffs, outsourcing Wed, Apr 27 2011 Tornado caught on security camera video Tue, Apr 26 2011 Panasonic to axe 40,000 jobs: source Tweet Share this By Isabel Reynolds and Reiji Murai TOKYO (Reuters) - Japanese consumer electronics giant Panasonic Corp will slash 40,000 jobs over the next two years in a bid to pare costs and keep up with ever-tougher competition from Asian rivals, a source said... Email Print Related News Nokia axes 7,000 jobs to cut costs Wed, Apr 27 2011 Furor at Sony after hackers steal Playstation user data Wed, Apr 27 2011 S&P cuts Japan sovereign rating outlook on quake costs Wed, Apr 27 2011 Sharp offers no annual forecast after quake Wed, Apr 27 2011 Auto production faces bigger hit after Japan quake Mon, Apr 25 2011 Analysis & Opinion Tech wrap: Sony admits PlayStation Network privacy breach Entry-level job market best in 3 years Related Topics Technology » Hot Stocks » Asian Markets » Japan » Natural Disasters » Stocks A woman looks at a Panasonic TV set at an electronics shop in Tokyo in this October 30, 2009 file photo. Japanese consumer electronics giant Panasonic Corp will slash 40,000 jobs over the next two years in a bid to pare costs and keep up with ever-tougher competition from Asian rivals, a source said on April 28, 2011. Credit: Reuters/Kim Kyung-Hoon/Files By Isabel Reynolds and Reiji Murai TOKYO | Thu Apr 28, 2011 3:36am EDT TOKYO (Reuters) - Japanese consumer electronics giant Panasonic Corp will slash 40,000 jobs over the next two years in a bid to pare costs and keep up with ever-tougher competition from Asian rivals, a source said on Thursday. Releasing its annual results, Panasonic declined to comment on the job cuts, which represent more than 10 percent of its 380,000 strong workforce, but set aside 110 billion yen ($1.3 billion) in restructuring expenses for the year to March 2012. President Fumio Ohtsubo is scheduled to speak to the media about the company's future direction at 0810 GMT. "The figure is huge, but so is the company, and for an old-fashioned one like Panasonic, this is a big move," said Toru Hashizume, chief investment officer at Stats Investment Management in Tokyo. "In the mid-term, the stock is priced low, it is around the level it was after Lehman, even though the current conditions are more favorable for Panasonic," he added, referring to the collapse of Lehman Brothers in the global financial crisis. The source who spoke to Reuters had direct knowledge of the matter, but cannot be identified because the plan has not been made public. Once unrivalled, Japan's consumer electronic firms are facing increasing competition from cheaper Korean and Chinese producers in particular. Panasonic said its operating profit for the fourth quarter ended March fell by almost a third to 41 billion yen. It did not give a forecast for the current year because of uncertainties following last month's devastating earthquake and tsunami in Japan. Operating profit was 305.3 billion yen ($3.7 billion) for the year just ended, falling short of its own earlier forecast of 310 billion yen. The figure was slightly better than a consensus of 297 billion yen, based on Thomson Reuters SmartEstimate, which places greater weight on recent estimates by highly rated analysts. The SmartEstimate for the current year to March 2012 is for a profit fall to 260 billion yen as the company struggles with production woes and weak domestic demand following the earthquake. Panasonic said without the impact of the quake, its forecast for this year would have been for an operating profit of 310 billion yen. CUTTING OVERLAP Panasonic is seeking to shift its focus to environmental and energy-related businesses such as rechargeable batteries in order to duck competition from Samsung Electronics, LG Electronics and others in consumer technology. As part of that strategy, it announced last year it would make Panasonic Electric Works and Sanyo Electric Co wholly owned units, absorbing a combined 160,000 workers, said the Nikkei newspaper, which first reported the job cuts. Panasonic is now seeking to shed staff in overlapping businesses, particularly abroad, it added. The units make a wide range of products including rechargeable batteries, factory robots, electronic components, lighting and solar panels. Shares of the electronics conglomerate closed up 2.4 percent in Tokyo, outpacing a 1.6 percent gain in the benchmark Nikkei 225 index. Unlike their western counterparts, Japanese companies tend to avoid dumping large numbers of workers, particularly at home. The latest staff cuts overshadow past Panasonic restructurings including 26,000 workers shed after the information-technology bubble burst, and about 15,000 in the aftermath of the Lehman shock, the paper said. It is equal to about all the jobs lost in the United States in March according to data released by Challenger, Gray & Christmas, Inc, an outplacement firm that compiles monthly U.S. employment numbers. ($1 = 82.220 Japanese Yen) (Additional reporting by Arpita Mukherjee in Bangalore and Isabel Reynolds, Nathan Layne, James Topham and Tim Kelly in Tokyo; Editing by Lincoln Feast and Vinu Pilakkott) Technology Hot Stocks Asian Markets Japan Natural Disasters Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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