Panasonic Corp. Friday posted net losses exceeding ¥750 billion ($7.4 billion) for the second straight year, dragged down by hefty restructuring charges aimed at fixing its ailing electronics business.
Panasonic Corp. said Friday it agreed to sell the digital-camera business it inherited in its 2009 acquisition of Sanyo Electric Co. to a Japanese private-equity firm. The deal is symbolic of how Japan’s struggling consumer-electronics companies are setting aside years of resistance to get serious about shedding nonessential assets and streamlining their sprawl of operations.
Electronics giants Philips Electronics N.V ., Samsung SDI Co. Ltd. and Panasonic Corp. are among seven companies fined €1.47 billion ($1.92 billion) by European regulators Wednesday for operating cartels in television- and computer-monitor tubes over two decades.
In one of the biggest quarterly losses ever for a Japanese company, Panasonic Corp. reported a net loss approaching $9 billion for the three months through September due mainly to massive restructuring costs.
On the heels of recording its largest-ever annual loss, Panasonic Corp. said Tuesday that it returned to profit in the first quarter, boosted by cost cuts that helped stem the bleeding of red ink at its flat-panel television business.
Sony Corp. and Panasonic Corp. are in talks to jointly develop or produce next-generation flat-panel television sets, people familiar with the matter said Tuesday, in a move that aims to defray the heavy cost of manufacturing a new display technology.