Monday, January 12, 2009
Panasonic will cut its investment in two new flat-screen TV plants by about $1.5 billion and exit unprofitable businesses as the global economic slump slices into its profits.
But the world's largest plasma TV maker said it also aims to boost its flat TV unit sales by 50 percent next business year to cement its position, though rivals such as No. 2 Samsung Electronics Co and third-ranked LG Electronics Inc are also targeting bold growth.
Weakening economies around the world have been eating into demand for flat TVs, digital cameras and other electronics products, with Hitachi Ltd -- Japan's top electronics maker -- expecting to miss its LCD TV sales target by as much as 10 percent in 2008/09.
Panasonic aims to sell 15.5 million plasma and liquid crystal display (LCD) TVs in the year starting in April, up from estimated 10.3 million units in 2008/09 as it plans to increase line-ups and expand sales channels.
By: DocMemory
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