12/07 00:20
Matsushita Elec Says at Least 10,000 Staff to Leave (Update2)
By Minoru Matsutani and Lindsay Whipp
quote.bloomberg.com
Osaka, Japan, Dec. 7 (Bloomberg) -- Matsushita Electric Industrial Co. said 10,000 staff will accept payment to quit, a quarter more than expected, suggesting the largest consumer- electronics maker will increase the charge slated for the plan.
At least 2,000 more workers than forecast applied for incentive payments to retire, company spokesman Masaya Iwakiri said, confirming reports today in the Asahi and Nihon Keizai newspapers. Matsushita had planned to spend 130 billion yen ($1.04 billion) on payments to 8,000 staff expected to leave.
Japanese electronics makers are cutting a combined 80,000 workers after sluggish sales of personal computers and mobile phones forced some to post billions of dollars of losses. Matsushita's loss for the year ending March, which the company estimates at a record 265 billion yen, will be wider than expected because of the increased payments, investors said.
``There is no doubt Matsushita will increase charges for the cuts,'' said Masashi Fujiwara, who helps manage 140 billion yen at Daiwa Asset Management Co., including Matsushita Electric shares. ``But cutting more people is definitely positive for Matsushita'' in the long-term, he said.
The charge may widen by 30 billion yen to 160 billion yen, said Toshiya Tsuchikawa, an analyst with Shinko Securities Co., who rates the shares ``neutral.'' |
