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Panasonic chief vows to complete restructuring in FY 2014
[June 25, 2014]

Panasonic chief vows to complete restructuring in FY 2014

(Japan Economic Newswire Via Acquire Media NewsEdge) The president of Panasonic Corp. said Thursday the company will complete its restructuring measures in the current fiscal year to achieve a group sales target of 10 trillion yen in fiscal 2018.

"We will position the current business year as the time to prepare growth strategies toward a new Panasonic in 2018," President Kazuhiro Tsuga said at a shareholders' meeting in Osaka.

He said the electronics maker will bolster its housing, automotive and other businesses by focusing its resources on growth markets.

After posting massive losses for two consecutive years, the Japanese electronics giant returned to the black in fiscal 2013, which ended in March, and is resuming dividend payments for the first time since fiscal 2011, due partly to its restructuring efforts and solid housing and automobile-related business.

As part of the restructuring, it decided to withdraw from the flagging plasma television business and sell off some of its semiconductor plants in central Japan. It incurred restructuring costs of 207.4 billion yen in fiscal 2013 and is planning to book 90 billion yen this business year.

In fiscal 2018, Tsuga said the company will aim to achieve sales of 2 trillion yen each in the housing, automotive and appliance businesses, 2.5 trillion yen in the corporate solution sector and 1.5 trillion yen in the device segment.

In the housing sector, it plans to bolster renovation services in Japan and expand operations in Turkey and other countries in the Middle East, he said.

(c) 2014 Kyodo News

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