Panasonic stays in TV business, chairman resigning

Published on NewsOK Modified: March 28, 2013 at 6:08 am •  Published: March 28, 2013
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Tsuga said Panasonic has ambitions to grow its relatively newer auto and housing businesses and aims for both to be 2 trillion yen ($21.3 billion) businesses by 2018.

Panasonic expects to spend 250 billion yen ($2.7 billion) on restructuring over the next two fiscal years.

Like other Japanese manufacturers, Panasonic has been struggling because of the March 2011 tsunami disaster, weak global demand and until recently, a strengthening yen.

It has been slammed in consumer electronics by flashier, often more cost-effective, rivals such as Apple Inc. and Samsung Electronics Co.

Panasonic, Sony Corp.'s longtime archrival in Japan, has been shifting its focus from consumer electronics to operations that cater to other businesses such as batteries and solar panels.

One plus for Japanese exporters such as Panasonic is the yen's decline, a reversal from the trend of recent years. A weak yen boosts the value of overseas earnings.

The maker of Viera TVs and Lumix cameras gained 3 billion yen ($32 million) in operating profit for the October-December period from a favorable exchange rate.

Still, Tsuga said he was not counting on the exchange rate because some parts of Panasonic's sprawling and complex empire will be hurt by a weak yen.

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Follow Yuri Kageyama on Twitter at www.twitter.com/yurikageyama

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