After rumors swirled that Panasonic was considering putting a stop to production of its well-regarded plasma HDTVs later this year, the company announced it will stay in the business. President Kazuhiro Tsuga revealed a three year growth plan for Panasonic to focus on batteries and entertainment systems for cars, as well as environmentally friendly housing developments. It will also streamline the number of departments by allowing each division to handle its own products from development to release. The beleaguered TV unit will stay, as Tsuga said it will consider walking away only as a last resort. Additionally, Chairman and former CEO Fumio Ohtsubo will retire in June. Some analysts believe Panasonic will still need to lay off workers if it’s to turn things around, but we’ll have to wait and see how Tsuga’s plan comes together.

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Source: Reuters, Wall Street Journal, Nikkei, Asahi Shimbun

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