Panasonic Eyes Drastic Review of Unprofitable Operations

Economy

Tokyo, Nov. 22 (Jiji Press)--Panasonic Corp. <6752> will drastically review operations unlikely to return to profitability, Kazuhiro Tsuga, president and chief executive officer at the Japanese electronics maker, said Friday.

"We are going to eradicate structural losses by fiscal 2021," Tsuga told a press conference in Tokyo.

The company aims to get a 100-billion-yen contribution to its profit from the review of operations and other streamlining efforts, he said.

Of the total, 40 billion yen is expected to come from the review of loss-making operations, 30 billion yen from seeking operational efficiency, for example, by consolidating business bases, and 30 billion yen from cutting labor costs, he said.

Panasonic will also integrate production bases by region in China, he said.

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Jiji Press