Panasonic Australia managing director, Paul Reid, has confirmed the local subsidiary will remain unaffected by the 130 billion yen ($A1.4bn) in planned restructuring costs that is expected to result in 10,000 job cuts.
In a statement provided exclusively to Appliance Retailer, Reid said it is business as usual at Panasonic Australia.
“We are aware of the recent announcement by Panasonic Corporation. There is no change regarding our operations in Australia,” Reid told Appliance Retailer.
“Panasonic Australia will continue to work with its staff, retail partners and business partners to deliver our industry-leading products and solutions to our valued customers across Australia,” he said.
Last week Panasonic announced it will restructure the business during the current financial year ending 31 March 2026 with half of the employees planned for Japan and the other half from overseas operations.
The 10,000 job cuts represent 4 per cent of the company’s global workforce of 228,000 staff.
The company has confirmed it will review its sales and back-office functions with around half of the restructuring to come from its ‘Lifestyle’ business which includes consumer electronics, heating and ventilation systems.
Panasonic’s energy business will be unaffected by the cuts and is expected to deliver a 40 per cent increase in operating profit this year driven by sales of batteries for electric vehicles including Tesla as well as domestic energy storage systems.