Panasonic to withdraw from plasma TV business
OSAKA (Kyodo) -- Panasonic Corp. has decided to terminate production of plasma display panels for televisions at the end of fiscal 2013 through next March, sources close to the issue said Wednesday.
The struggling electronics maker, the last Japanese firm to withdraw from plasma TV output, is apparently aiming to accelerate the streamlining of its loss-making businesses.
The move comes despite Panasonic President Kazuhiro Tsuga saying in March that the firm would not pull out from plasma display TV operations for now despite the drag on earnings.
The company will sell the buildings of its Amagasaki No. 3 factory in Hyogo Prefecture by the end of this year and allocate the funds to growing fields such as auto- and housing-related operations, according to the sources.
Workers involved in the plasma display business will be reassigned to other areas.
Plasma TVs have lost their competitiveness to rival liquid crystal TVs. Panasonic's group company Sanyo Electric Co. manufactures flat-panel TVs for U.S. retail giant Walmart in North America.
Sanyo's flat-panel TV design and development section will be incorporated into the parent firm to improve efficiency, the sources said.
October 09, 2013(Mainichi Japan)