Reuters reports that Japanese consumer electronics manufacturer Panasonic will resort to drastic measures over the next two years to reduce costs – it will cut 40,000 jobs and reorganise its production facilities. Panasonic currently employs about 380,000 people.
The manufacturer has been severely affected by increasing competition in the consumer electronics market from China and Korea.
It is estimated that the job cuts and reorganisation will cost the company $1.22bn in expenses this year.
