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Saturday April 30, 2011

Panasonic to Cut 17,000 Jobs

Panasonic is beginning to feel the pinch of competition from South Korea and China, prompting Panasonic to streamline and reorganize the company. The corporation operates five main lines of electronics manufacturing and plans to reduce that number to three, resulting in a reduction of 17K jobs.

Already facing sluggish demand in Japan, its biggest market, Panasonic said the devastating earthquake and tsunami that struck the Japanese coast north of Tokyo on March 11 had further dimmed the domestic outlook.

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