According to the Nikkei newspaper – via Reuters (Yahoo News) – Panasonic is scaling back its TV production with possibly getting out of plasma television business as a part of its downsizing plan. Moreover, according to publication, the troubled company has already been selling assets, including real estate, to strengthen its financial position in the market.
Further, the newspaper without citing any sources revealed that Panasonic’s TV business was making over 1 trillion yen ($10.5 billion) in sale during the peak in 2009/10, while it will be earning less than half of that amount in 2015/16. The company planned to end plasma TV panel production at its main plant in Amagaski in Western Japan around fiscal year 2014. More kudos to follow.