Profits down, Panasonic announces comprehensive restructuring plan

ANTD.VN - Japanese electronics corporation Panasonic Holdings has just announced a comprehensive restructuring plan, including the possibility of selling its loss-making TV business.

Japanese electronics corporation Panasonic Holdings

Accordingly, Panasonic Holdings aims to increase profits to at least 300 billion yen (about 2 billion USD) by March 2029. To achieve this goal, Panasonic will cut staff and review loss-making business units such as TVs and home appliances. One of the options is to sell or withdraw from the TV manufacturing segment.

The restructuring plan also includes separating Panasonic's retail chains specializing in home appliances, air conditioners and lighting. At the same time, the company will re-merge its home electronics business to consolidate its development, manufacturing and sales systems.

Panasonic CEO Kusumi Yuki said a drastic restructuring was needed as the group struggled with low profits and a lack of competitiveness.

Panasonic Holdings also just announced its financial report for the first nine months of fiscal 2024. The group's total revenue was 6.4 trillion yen (about $41 billion), up 1.6% year-on-year. However, net profit fell 28% to 288.4 billion yen (about $1.8 billion).

According to NHK

Source: https://www.anninhthudo.vn/loi-nhuan-giam-panasonic-cong-bo-ke-hoach-cai-to-toan-dien-post602786.antd