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Panasonic to let 700 employees go
The Japanese manufacturer says that given the challenging global business outlook, as well as its own long-term strategic review of the refrigeration compressor business portfolio, the company will cease the manufacturing of refrigeration compressors in Singapore by the end of September 2022.
Panasonic says in a press release that it consolidate the compressor manufacturing operations to its existing facilities in Malacca (Malaysia) and Wuxi (China), including the casting operation over to its current factory in Malacca (Malaysia). After 49 years of operation in Singapore, manufacturing energy-efficient inverter compressors for fridges, water coolers, and vending machines, the company will shut down the manufacturing. Panasonic says that its R&D will remain its operation in Singapore and will continue to serve as the global headquarters of the refrigeration compressor business. There are a total number of 700 employees who will be affected by this review process. "We are working very closely with the relevant authorities, government agencies, and United Workers of Electronics & Electrical Industries to ensure all affected employees are well-supported during this transition, including assisting with job placements," the company writes in the press release.