Cut

Panasonic to cut plasma TV panel production: report

Reuters News
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Posted: Oct 19, 2011 7:25 PM
Panasonic to cut plasma TV panel production: report

TOKYO (Reuters) - Panasonic Corp <6752.T> will cut plasma TV panel production and cut about 1,000 jobs, as its loss-making television unit struggles to compete with Asian rivals, a report said on Thursday.

Panasonic will stop plasma panel production at its Amagasaki No. 3 factory in Hyogo prefecture, broadcaster NHK said on its website, citing a source close to the matter.

The company is also considering selling off a liquid-crystal display panel plant at Mobara in Chiba prefecture, NHK said.

Panasonic, along with domestic rivals Sony <6758.T> and Sharp <6752.T>, is struggling to compete with the likes of South Korea's Samsung Electronics <005930.KS>.

(Reporting by Isabel Reynolds; Editing by Joseph Radford)