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Panasonic will reduce the TV business The media has become aware of Panasonic's plans to reduce the volume of its television business. Thus, this company can join the list of Japanese manufacturers,
Panasonic to cut TV business
The media became aware of Panasonic's plans to reduce the volume of its television business. Thus, this company can join the list of Japanese manufacturers that, in the conditions of high competition in the TV market, have decided to start reorganization.
According to the Reuters news agency, citing an informed source, Panasonic has already stopped the production of TVs in China and is going to liquidate a joint venture with one of the partners, located in Shandong province (eastern China). The factory, which employs about 300 people, stopped production on Friday, January 30th.
Nikkei sources confirm Panasonic's intention to phase out TV production in China, and also report a similar move in Mexico. According to the Japanese publication, Panasonic will sell the Mexican plant, which annually delivers about half a million TV sets, most of which are sent to the US market.
Reuters reporters know nothing about Panasonic's plans for Mexico. There, the company has two factories for the production of TVs, seven more are located in other countries (not counting the facility in Shandong province).
The intensified price struggle in the TV industry forced Japanese vendors to resort to business transformation. So, in October 2014, Panasonic announced the transfer of the North American TV division of Sanyo to its compatriot Funai Electric. Earlier, Sharp transferred the right to manufacture and sell LCD TVs to the Slovak company Universal Media Corporation.
In mid-2014, Sony spun off the TV division into a separate firm, and Toshiba, as it became known a few days ago, will stop manufacturing and selling TVs in North America and some other countries.
