Panasonic sheds 15,000 staff - Welsh jobs at riskWhich? AV Award winner not immune to downturn

04 February 2009

panasonic sanyo logos

Japanese consumer electronics group Panasonic is to cut 15,000 jobs and close 27 plants worldwide as part of a cost-cutting exercise.

Panasonic, which is the world's largest maker of plasma TVs,  is reported to be expecting a net loss of £2.9bn for the financial year to 31 March, as it is hit by the strength of the yen and falling sales amid the global economic downturn.

Of the 15,000 predicted job cuts, Panasonic said that half would be in Japan, and the other half would be overseas. Panasonic employs over 1,500 staff in Wales, whose jobs may be at risk following this announcement.

The company is hoping to cut its costs by 100bn yen worldwide in the next financial year, although is in the process of buying its ailing competitor Sanyo for $9bn, as we reported last year.

Panasonic Best Buys and Which? Award

Panasonic technology products such as LCD and plasma TVs, DVD players and Blu-ray players often perform well in Which? tests and achieve Best Buy status. The company was also the the winner of the 2008 Which? Award for Best Audiovisual Brand.

Mike Briggs, Which? TV expert said: 'It's not surprising the downturn is hitting the consumer electronics sector hard - new TVs and electronic gadgets start to look like an unnecessary luxury when money is tight and jobs under threat.'

Which? RSS news feed

For daily consumer news, subscribe to the . If you have an older web browser you may need to copy and paste into your newsreader. Find out more about RSS in the Which? guide to RSS news feeds.

Sign up to the weekly Which? tech email

Sign up to the Which? technology focus email

Keep your finger on the pulse of digital technology with the weekly email from the Which? Technology team

Every Tuesday we'll send you the latest news and reviews of MP3 players, mobile phones, cameras, high-definition TVs and other gadgets. 

Packed with the latest product launches, First Look reviews, expert advice and some incredible deals - can you afford not to be the first to find out?

Plus there are regular prize draws - we've already given away a 32GB iPod Touch.