SAN JOSE, Calif. - Amid a large loss and a complex reorganization, Japan's Panasonic Corp. plans to cut about 17,000 jobs over the next two years.
Panasonic has already cut 17,600 jobs the past year, according to Dow Jones. It expects the group's total employees will be at the 350,000 level.
Panasonic expects the restructuring charges will be the 110 billion yen ($1.3 billion) level in fiscal 2012 and the 50 billion yen ($612 million) level in fiscal 2013.
''Panasonic will review overlapping businesses within the group and consider consolidation or transfer them to outside companies. At the same time, Panasonic will reorganize its bases and reassign its personnel, as the reorganization involves consolidation and streamlining at the group's head offices and all business domains,'' according to the company.
To restructure the company's lithium-ion battery business, the company will shift production to China. The company will invest 55 billion yen ($673 million) through fiscal 2013 in China, including construction of a new factory in Suzhou.
Panasonic will increase purchase of LCD panels from outside vendors and transfer a production line of its third domestic PDP plant in Amagasaki City in Japan to China.