Panasonic Electric Works, a business unit of Panasonic Corp., will close their three factories in Japan and cut off around 800 employees due to the slow of economy growth which impact the demand of their products.
The company that sells electrical equipment systems, kitchen and other home products, will close their factories and cut off their employees in the fiscal year which ended March 2011, "said Spokesperson Panasonic Electric, Sunday (28/12).
Panasonic Electric Works, which is 51 percent of the stock owned by Panasonic Corp., - the Plasma TV producers number one in the world - has not decided yet whether the three remaining factories from 13 local factories will be closed or not.
On October 2008, Panasonic Electric Works has cut off their nett profit projections for the budget year which ended in March 2009 around 12 percent to 38 billion yen (419 million U.S. dollars), a decrease of 16 percent throughout this year.
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