Japan's Panasonic to cut 15,000 jobs, shut plants

Panasonic Corp., sinking into its first annual loss in six years, said Wednesday it was slashing about 15,000 jobs and shuttering 27 plants worldwide, joining a string of Japanese companies making deep cuts as they cope with the global slowdown.

Plunging consumer demand, lower gadget prices and the soaring yen, which erodes overseas income, are battering Panasonic, the the world's largest maker of plasma display TVs. It racked up a 63.1 billion yen ($709 million) net loss for the fiscal third quarter compared to a 115.2 billion yen profit the same quarter the previous year.

The Osaka-based manufacturer of cell phones, batteries and camcorders also slashed its forecast for the fiscal year through March to a net loss of 380 billion yen ($4.2 billion), its first annual net loss in six years.

The last time Panasonic reported an annual loss was for the fiscal year ended March 2002, when a global electronics slump and massive restructuring costs contributed to 431 billion yen in red ink.

 

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Panasonic World's First 70X Camcorder

On Wednesday, Panasonic announced 19 new camcorders, from as low as $299.95 for a standard-definition camcorder and up to $1,399.95 for the most expensive high-definition model. The most interesting new camcorders included a waterproof standard-definition camcorder, a high-definition model with a "twin memory" feature and the introduction of the world's first standard definition camcorder with a 70X optical zoom.

The SDR-SW21 is Panasonic's new waterproof/shockproof standard-definition camcorder. The body of the unit is rugged enough to withstand a four-foot drop, and it can be submerged in 6.5 feet of water. The camcorder will record video to a removable SD memory card. Color choices will include silver, lime green and orange. The SDR-SW21 will retail for $399.95 in April.

Panasonic will also offer three standard-definition camcorders with 70x optical zoom: the SDR-H80, SDR-H90 and SDR-S26. The lens will be supported by optical image stabilization that can detect and combat shakes through a built-in gyro-sensor. The camcorders will offer a quick-start mode that allows them to turn on and begin recording in .08 seconds. They will also include Panasonic software called "VideoCam Suite" that will assist and expedite the process of uploading videos to YouTube. The camcorders will be available in April; pricing was not announced.

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