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Panasonic To Cut Back Television Business

TOKYO, Oct. 21 (UPI) — Officials at Panasonic Corp. in Japan said several thousand workers would be let go as it scales back on its faltering television business.

Sources told Japanese newspaper Yomiuri Shimbun the company cited appreciation of the yen as one of the reasons its television business is not doing well.

Panasonic has not announced layoffs and may count on attrition and early retirement plans to achieve its workforce reduction target.

Plans call for Panasonic to sell one of its two liquid crystal display panel factories in Mobara, Japan, and to close down one of four plasma display panel television factories.

As a dramatic symbol of the sudden change of fortune for Japanese dominance in the television industry, the Amagasaki, Japan, plasma screen factory Panasonic is planning to close was built in 2009. It was heralded as a state-of-the-art facility and was expected to produce 330,000 42-inch plasma screens per month.

Now, with appreciation of the yen and competition from South Korean businesses, the more screens the factory produces, the more money it loses, the newspaper said.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

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