Panasonic downsizes India operations: Japanese firm to exit washing machines, fridge markets; layoffs expected
Panasonic reduces operations in India, with the constant economic under performance in these segments, the country's refrigerators and washing machines announce the exit from the markets. Japanese electronics giants restructure their business strategy to focus on more profitable areas such as energy storage, smart factory solutions and other B2B regions. As part of the move, Panasonic is expected to close part of the Indian workforce, especially those associated with divisions for consumer equipment, are closed. The decision follows the years of intensive competition from Korean and Chinese brands, which eradicated the market share of Panasonic in home appliances. The company will continue its presence in India through other commercial verticals including air conditioning and kitchen tools. This change is in line with a broad global strategy for Panasonic to reduce losses and focus on high margin products. The company emphasizes that this infection will be gradual and will be administered with ideas for employees and market interests.
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