Reuters: Technology News: Panasonic to cut 5,000 workers from automotive and industrial division

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Panasonic to cut 5,000 workers from automotive and industrial division May 30th 2013, 02:41 Tweet Share this Email Print Related News Panasonic sees profit rising 55 percent in shift from consumer gadgets Fri, May 10 2013 At cautious Toyota, low risk rules even as profit booms Wed, May 8 2013 Panasonic sold $1 billion in shares to underpin finances: sources Thu, May 2 2013 Panasonic Corp's Logo is pictured at an electronics store in Tokyo March 28, 2013. Credit: Reuters/Yuya Shino TOKYO | Wed May 29, 2013 10:41pm EDT TOKYO (Reuters) - Panasonic Corp said it will cut around 5,000 workers from its automotive and industrial division in a bid to bolster its operating profit margin over the next three years to a 5 percent minimum set by the company's president, Kazuhiko Tsuga. The division, which covers automotive components, semiconductors, production machinery and other devices, employs 110,000 people, around a third of Panasonic's workforce. The business is at the forefront of Tsuga's strategy to shift Panasonic away from consumer electronics to building gadgets and machinery it sells to other companies. "A reduction in labor costs will be a big part of our plan to improve profitability," Yoshihiko Yamada, the head of the automotive and industrial division said during a presentation to analysts and investors in Tokyo. ($1 = 102.3500 Japanese yen) (Reporting by Tim Kelly; Editing by Daniel Magnowski) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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