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Report: Panasonic to Cut 10,000 Jobs

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Reuters is reporting today that Japanese electronics powerhouse Panasonic (NYSE: PC  ) will lay off 10,000 workers by the end of March -- more than 3% of its work force. These job losses follow on cuts of 36,000 jobs, Reuters reports, some accomplished through sales of business units, in fiscal 2011.

The company lost $9.4 billion in the fiscal year ending March 2012, and losses have accelerated as the current year progressed, with the company warning of a probable $10 billion loss this fiscal year. So far, the past year has seen Panasonic lose $17 billion over the past 12 reported months.

Panasonic CEO Kazuhiro Tsuga hopes to reverse this trend, and not just stop losing money, but achieve a $2.5 billion operating profit next fiscal year. Ultimately, Panasonic thinks it can be regularly earning 5% operating profit margins within three years. Steps aimed at reaching this goal include the above-mentioned layoffs, sales of some underperforming business units, and closures of others. Moneys raised from unit sales will be applied to paying down Panasonic's $13.5 billion debt.

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Rich Smith

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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