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Matsushita Lays Off 100, Part Of ‘Ongoing Transformation

12/12/2004 03:04:00 PM Eastern

Secaucus, N.J. - Matsushita Electric Corp. of America reported that as part of an "ongoing transition" has instituted just over 100 layoffs at company headquarters, here, and an undetermined additional number in facilities nationwide.

A company spokesman said that the layoffs are part of a plan for the various divisions of Panasonic, "consumer electronics, business-to-business operations and others" to share services and streamline operations "with the goal making it easier for customers to do business with us."

Employees were informed Dec. 1 with the effective date of the terminations being Jan. 1. Those affected will receive severance packages, medical coverage and placement services. While there were layoffs a company spokesman said that as "other posts open up" in other parts of the company those "displaced employees will have the opportunity to apply for those jobs."

He noted that the plan is "forward thinking" since the electronics industry "is in a new era, a paradigm shift of increased competition." All departments in all divisions of Panasonic are effected, including some in sales and support posts.

Last week Panasonic announced that it was changing its name in the U.S. from Matsushita Electric Corp. of America to Panasonic Corporation of North America as of Jan. 1.

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