(MENAFN) Panasonic has shut down its last remaining TV manufacturing factory in China and is to sell its plant in Mexico as part of a restructuring plan to stop losses, The Peninsula Qatar reported.
The Japanese electronics giant was forced to pull the plug on local production in the two countries on a sharp decline in TV prices in North America and China, a newspaper said.
The move will also see Panasonic cutting back overseas production by a total of 700,000 units a year, representing around 10 percent of worldwide output, the business daily reported.
The firm has been struggling to boost earnings in the TV division, which has logged a loss of USD396 million for the financial year ended March 2014. It plans now to focus on high-resolution models.
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