SINGAPORE – Electronics big Panasonic is shutting down its refrigeration compressor manufacturing operations in Singapore, ensuing within the layoff of some 700 employees.
Nonetheless, its international headquarters for the refrigeration compressor enterprise and analysis and growth (R&D) actions will stay in Singapore, the agency stated in an announcement on its web site.
It added that Singapore stays a regional and necessary hub for the corporate, with its group of firms persevering with to have greater than 1,400 workers throughout varied enterprise segments.
The layoffs characterize about one-third of its complete workforce right here the place the Japanese firm’s Asia Pacific headquarters are positioned.
The choice comes amid the difficult international enterprise outlook and following the agency’s strategic evaluate of its refrigeration compressor enterprise portfolio, Panasonic stated on Thursday (Sept 23).
Affected workers, who work in roles corresponding to manufacturing management and course of engineering, have been notified in 4 separate 45-minute periods on Thursday.
Round half of those employees are Singaporean, whereas one other 13 per cent are everlasting residents.
The final working day for the primary batch of retrenched employees will likely be on March 31 subsequent yr, whereas the final day for the second and final batch of affected employees will likely be on September 30.
Panasonic stated it should consolidate the compressor manufacturing operations in its current amenities in Malaysia and China.
Panasonic Home equipment Refrigeration Units Singapore (PAPRDSG) was arrange in 1972, and at the moment produces compressors for family fridges and freezers at its amenities in Bedok South Highway and Gul Highway.
The agency stated that it’s working intently with authorities companies, the related authorities and the United Staff of Electronics and Electrical Industries commerce union to make sure all affected employees are well-supported throughout this era, together with helping with job placements.
Mr Khoo Chew Thong, adviser for R&D and high quality administration at PAPRDSG, instructed The Straits Instances that about 60 per cent of employees who’re laid off are aged 50 or older, and one other 30 per cent are between 30 and 50 years outdated.
One-to-one periods will likely be held with affected workers within the upcoming weeks, he added.