Panasonic Holdings has announced plans for a drastic group-wide overhaul, including the possible sale of its unprofitable TV business.
The Japanese electronics giant says it aims to improve profitability to at least 300 billion yen, or about 2 billion dollars, by March 2029.
It says it will cut jobs and review money-losing units, such as TVs and household appliances to achieve that goal.
Selling off or withdrawing from TV manufacturing are among the options. The plan also includes the breakup of Panasonic, the retail chain selling home appliances, air conditioners and lighting equipment.
It will also group together its home electronics businesses to consolidate development, manufacturing and sales.
CEO Kusumi Yuki said Panasonic needs drastic changes in the face of low profitability and a lack of competitiveness.
Panasonic Holdings also released its earnings for the first nine months of fiscal 2024.
Group-wide sales came to 6.4 trillion yen, or about 41 billion dollars. That is up 1.6 percent from the same period a year earlier. But net profit plunged 28 percent to 288.4 billion yen, or roughly 1.8 billion dollars.
The Japanese electronics giant says it aims to improve profitability to at least 300 billion yen, or about 2 billion dollars, by March 2029.
It says it will cut jobs and review money-losing units, such as TVs and household appliances to achieve that goal.
Selling off or withdrawing from TV manufacturing are among the options. The plan also includes the breakup of Panasonic, the retail chain selling home appliances, air conditioners and lighting equipment.
It will also group together its home electronics businesses to consolidate development, manufacturing and sales.
CEO Kusumi Yuki said Panasonic needs drastic changes in the face of low profitability and a lack of competitiveness.
Panasonic Holdings also released its earnings for the first nine months of fiscal 2024.
Group-wide sales came to 6.4 trillion yen, or about 41 billion dollars. That is up 1.6 percent from the same period a year earlier. But net profit plunged 28 percent to 288.4 billion yen, or roughly 1.8 billion dollars.
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Summary
Japanese electronics giant Panasonic Holdings plans a group-wide overhaul, targeting improved profitability of 300 billion yen by 2029. This includes job cuts, unit reviews, and potential sale or withdrawal from unprofitable sectors like TVs and household appliances. The retail chain Panasonic may
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ID: d4544ea8-302e-422f-9237-995fe32e7105
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20250205_B02/
Created: 2025/02/06 07:00
Updated: 2025/12/08 06:30
Last Read: 2025/02/06 07:51