Panasonic mulls selling or scaling down TV business, says president

Panasonic is mulling selling or scaling down its struggling TV business as part of its group restructuring plan to foster efficient decision-making and focus on growth, according to its president Yuki Kusami.  

"We are prepared to sell it if necessary, but we have not yet decided on a plan," Kusami said in an online press conference on Tuesday, adding that there are unlikely any potential buyers and the company will consider various options. 

This comes amid the restructuring plan laid out by the company earlier, where executives wished to focus on appliances with new categories set to be rolled out by the end of 2025. 

As part of the plan, the company will also launch three operating businesses that will manage the production of white goods appliances including refrigerators and washing machines. It is also looking to expand its air conditioning and lighting and other electrical businesses. 

Other initiatives include combining its black goods division overseeing entertainment appliances such as TVs and stereos with white goods. According to Nikki Asia, the number of companies operating under the group umbrella would rise to seven after selling Panasonic and combining the appliance departments. 

Most recently, the company has recorded a 2% YOY increase in consolidated sales from March until December 2024, reaching 6,403.0 billion yen, due to increased sales in lifestyle, connect and industry as well as the effect of currency translation, despite decreased sales in energy and the impact of the deconsolidation of PAS in automotive, according to the company’s third-quarter financial results for fiscal 2025. 

Its operating profit increased by 9% to 348.3 billion yen and profit before income taxes increased by 7% to 395.7 billion yen from a year ago. This is due mainly to increased sales and the progress of rationalisation, despite an increase in fixed costs with inflation, an increase in strategic investments and the recording of expenses related to the share transfer of PAS.  

As the overall Japanese economy is gradually recovering, the company is working to improve profitability in order to further strengthen the business foundations of the three businesses identified as its investment areas: automotive batteries, air quality and air-conditioning, and supply chain management (SCM) software. The company is also working to enhance the management structure of the Group through initiatives to accelerate and strengthen its human capital management and competitiveness. 

MARKETING-INTERACTIVE has reached out to Panasonic for a statement.

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