Panasonic Corp. (NYSE:PC) In Huge Global Downsizing

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Panasonic Corp. (NYSE:PC) has announced a large number of firings across the world over the next 24 months. Panasonic Corp. (NYSE:PC) In Huge Global Downsizing Panasonic Corp. (NYSE:PC), the Japanese electronic giant, has announced that it will fire about 17,000 employees globally in two years to restructure its business and to streamline operations. The company, which acquired Sanyo Electric Co. in 2009, has dismissed about 17,000 employees in the last year. The company had decided to cut its workforce by 4.6% to 350,000 employees by the end of March 2013. Panasonic Corp. (NYSE:PC) president Fumio Ohtsubo said, “This comes as a result of uncompromising efforts to turn every business unit into a shape that is globally competitive”. Panasonic Corp. (NYSE:PC) stocks were at 12.38 at the end of the last day’s trading. There’s been a -14.0% change in the stock price over the past 3 months. Panasonic Corp. (NYSE:PC) Analyst Advice Consensus Opinion: Moderate Buy Mean recommendation: 1.5 (1=Strong Buy, 5=Strong Sell) 3 Months Ago: 1.5 Zack’s Rank: 6 out of 8 in the industry