Japans Panasonic eyes 17,000 job cuts

Japans electronics giant Panasonic has announced it aims to cut its global workforce to 350,000 in two years, a reduction of about 17,000 positions, in a bid to streamline its operations.

It also planned to spend 1.9 billion US dollars over the next two years on restructuring in a drive to increase its global competitiveness.

The announcement came after Panasonic Electric Works and Sanyo Electric this month became wholly owned units of Osaka-based Panasonic, whose workforce numbered 366,937 at the end of March this year.

The planned job cuts will mean roughly a 10 percent reduction from March 2010 when Panasonic had 384,586 employees.Company president Fumio Ohtsubo said the firm must integrate duplicated operations to boost the groups competitiveness.

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