Panasonic cutting 15,000 jobs
Well, it's not like there's a bunch of good news to blog about. Amid poor numbers for Axis and all manner of dour predictions for the world economy at large comes news that Panasonic is going to cut 15,000 jobs.
Panasonic said it was shutting 13 manufacturing sites in Japan and 14 abroad by the end of March. It also plans to lay off about 15,000 workers, or 5 percent of its work force, by March 2010. Half of the cuts will be made in Japan.Obviously, Panasonic is a huge company, and there's no real way to tell how the security division might be affected from that statement, but I'm going to put a couple emails out and poke around the Internet and see what I get. It seems that this is mostly a consumer thing, though:
Panasonic, along with Mitsubishi Motors and Mazda, also joined the rapidly lengthening list of companies to sharply revise their full-year outlooks Wednesday, with Panasonic now projecting a net loss of 380 billion yen or $4.2 billion for the year ending March 31, rather than the 30 billion yen profit it forecast on Nov. 27. Mitsubishi expects a net loss of 60 billion yen and Mazda 13 billion. The speed of the demand downturn in recent months has taken manufacturers and economists by surprise, and forced many companies to sharply lower profit warnings made only months or even weeks ago.Basically, consumers, especially American consumers, just decided not to buy anything for a while. That might not directly affect security sales, which aren't really consumer driven. However, if you're trying to sell Panasonic video systems into retail, you might have a problem. Anything consumer-dependent is getting hammered right now. In other bad news, the Times says Angel investors are shying away from start-up tech companies. That could be bad for continued innovation in the security technology.