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Panasonic To Cut 5,000 Automotive Workers

5/30/2013 05:40:00 AM Eastern

Tokyo – Panasonic indicated Wednesday that it continues to reduce labor costs in an effort to return the company to profitability, this time in the automotive and industrial division.

Yoshihiko Yamada, who heads the division, reportedly told analysts and investors during a presentation here that it will reduce staff over the next three years with approximately 5,000 employees facing the axe, according to Reuters.

Panasonic's automotive and industrial divisions manufacture and create vehicle components and production machinery. It currently employees approximately 110,000 people, or one third of Panasonic’s entire workforce.

In recent steps to correct the company’s profit position, it has shift emphasis away from consumer electronics and looked at other sectors in the business-to-business, aviation and healthcare sectors.

Earlier reports indicated that the company may also be looking at up to 20 percent staff reduction in its lithium-ion battery division.

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