Reuters: Technology News: Panasonic to reduce much of mobile phone business: Nikkei

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Panasonic to reduce much of mobile phone business: Nikkei Oct 25th 2012, 19:46 Tweet Share this Email Print Related News Canon cuts outlook as China boycott adds to exporters' woes 5:54am EDT Nikkei hits four-week closing high on hopes of BOJ easing 2:42am EDT As China tensions simmer, Japan pulls back from "world's factory" Tue, Oct 23 2012 Mobile revolution, economy trip up tech giants Fri, Oct 19 2012 Nokia posts loss, future hinges on new Lumia sales Thu, Oct 18 2012 Analysis & Opinion Japan exporters should fear slowdown, not boycott Google’s hardware ambitions proving costly Olympus Corp (bottom) and Panasonic Corp logos are seen at an electronics store in Tokyo June 7, 2012. Credit: Reuters/Toru Hanai Thu Oct 25, 2012 3:46pm EDT (Reuters) - Panasonic Corp (6752.T) will slash a significant portion of its mobile phone business as it struggles to make headway in the global smartphone market, dominated by Apple Inc (AAPL.O) and Samsung Electronics Co (005930.KS), the Nikkei said. Panasonic, which sells mobile handsets in Europe and Japan, has been facing sluggish sales in Europe. It will close its mobile phone operations in the region as early as fiscal 2012, the Japanese business daily reported. Domestic cell phone sales are also struggling because the firm lagged behind rivals in releasing smart phones, the daily said. Panasonic will consider selling the Japanese cellphone business or forming a partnership with another company, it added. The company has already begun restructuring its business by shutting down its domestic cell phone factory in Shizuoka Prefecture and moving production to Malaysia, the Nikkei said. The company sold 5 million smart phones and generated some 130 billion yen ($1.62 billion) in sales from the mobile phone business in fiscal 2011. The total cost of restructuring the business segment may total 100 billion yen, the Nikkei said. As of July, Panasonic projected a net profit of 50 billion yen for the current year through March, a turnaround from the previous year's net loss of some 770 billion yen, it added. ($1 = 80.1650 Japanese yen) (Reporting by Aditi Shrivastava in Bangalore; Editing by Anil D'Silva) Related Quotes and News Company Price Related News 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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