Panasonic eyes closing JV due to TV pricing rivalry
Print Edition
PANASONIC Corp has stopped making televisions in China and plans to close its joint venture in Shandong Province due to fierce price competition in the TV business, a statement on the company’s official website said on yesterday.
Its 19-year-old Panasonic AVC Networks Shandong Co stopped production last Friday, according to the statement.
The Japanese company said it faced increased price pressure in the super thin TV market which forced Panasonic and its joint partners to “decide to cease production since we find it difficult to keep producing on our own.”
Panasonic said it will continue to sell TVs in China by outsourcing production, and some assembly work for parts of the display screens will be transferred to its Guangdong-based subsidiary Sanyo Electric Co.
Japan’s Nikkei newspaper said earlier that Panasonic would halt TV production in China and Mexico. The company has two plants in Mexico. In 2013, Panasonic shut down its plasma TV factory in Shanghai.
Toshiba Corp said last week that it would stop making and selling TVs in North America and was considering withdrawing from other countries. Sharp Corp has licensed its TV brand in Europe to Universal Media Corp Slovakia to trim costs. Sony Corp has spun off its struggling TV business into a separate entity but CEO Kazuo Hirai has said the company does not plan to sell or shut down the unit.
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