Panasonic has announced that it will spend $ 2.7 billion over the next few years on a new round of restructuring.
The company’s president stated Reuters that wants to expand business to the automotive and housing sectors. The manufacturer will also seek foreign investments for its health division, in addition to selling its majority stake in the logistics business Nippon Express.
Like Sony and Sharp, Panasonic televisions have been hit by low-cost, high-quality Korean rivals. Japan’s largest commercial employer is ready to disclose its second consecutive annual loss and further cut its payroll. There have been more than 40,000 layoffs in the past two years.
For the next fiscal year, Panasonic expects its net profit to reach 50 billion yen, and target an annual operating profit of 350 billion yen, with a margin of 5% by March 2016.
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