Panasonic Pulls Out of Washing Machine and Fridge Segments in India

Is Panasonic laying off employees in India?

Panasonic, the Japanese electronics-manufacturing company has decided to quit the Indian refrigerator and washing machine markets. The production of these items will reportedly be discontinued at its Jhajjar plant, in Haryana. This calls for a restructuring that will see many employees being let go. The exact number of layoffs is yet to be officially disclosed. The Jhajjar plant used to manufacture at least 4.5 lakh air conditioners, three lakh …

Panasonic Pulls Out of Washing Machine and Fridge Segments in India

On June 26, the stocks of electronics manufacturers Voltas and Whirlpool saw notable increases.This occurred in response to a report that asserted Panasonic's withdrawal from loss-making categories in India, including refrigerators and laundry machines.According to a media outlet, which cited persons familiar with the situation, Japanese electronics giant Panasonic Holdings is cutting back on its consumer electronics operations in India and is l…