Panasonic to cut investments in flat screen television business

Panasonic to cut investments in flat screen television business

Japanese consumer electronics manufacturer Panasonic has announced that they are going to reduce their spendings on the flat screen television operations.

The company also said that they are planning to withdraw from unprofitable businesses as the economic slowdown is affecting their bottom line badly.

A lot of companies have announced job cuts and other cost cutting measures.

Panasonic has said that to cut costs they are now going to undertake “drastic structural reforms” to streamline its operations.

Panasonic president Fumio Ohtsubo had this to say on these new plans: “The current situation is not just a simple economic slump. Global demand is shrinking and shifting to the emerging markets. We cannot expect an easy recovery. We must focus our efforts on structural reform, strengthening our company, and prepare for future growth.”