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.
Read the rest of the story: Japans Panasonic eyes 17,000 job cuts.