Panasonic has announced it is cutting 15,000 workers from its workforce after an annual loss of US$4.3 billion, despite returning a profit in the last quarter of last year, according to Reuters.
The combination of a global economic downturn plus a strong Japanese Yen means that the company's exports aren't as competitive in overseas markets as South Korean competitors LG and Samsung.
Half of the 15,000 jobs will be cut from outside of Japan and while it's uncertain what effect this will have locally, Panasonic is remaining optimistic.
"While we cannot provide specific comment on the financial results that were announced by our parent company, Panasonic Corporation, I can tell you that I believe we are in a strong position in this market," Steve Rust, managing director of Panasonic Australia, said.
Panasonic said it will close 27 manufacturing sites in the current fiscal year that ends in March and will carry out another round of plant closures of a similar scale in the next business year, according to Reuters.
Panasonic currently employs around 300,000 and the job losses equate to five per cent of its work force.