Panasonic to cut 17,000 jobs, shut 70 factories

According to Japanese consumer electronics giant Panasonic Corp it plans to cut 17,000 jobs and shut 70 factories across world over the next two years in a bid to rein in costs and compete with Asian rivals.

The company said it would trim its workforce of 367,000 to 350,000 by March 2013.

In the past year, the company had cut 18,000 job out of a total of around 35,000 jobs being eliminates over three years. 

According to analysts the figure may look huge but is appropriate given the size of the company. 

The company has allocated 110 billion in restructuring expenses for the current financial year.

According to company president Fumio Ohtsubo, Panasonic had about 350 manufacturing bases across the  world and would look to merge operations where it could.