Panasonic is laying off 700 workers in Singapore after deciding to cease its compressor manufacturing operations, the global electronics firm has announced.
It said it would consolidate its Panasonic Appliances Refrigeration Devices, which has been operating in Singapore for close to 50 years, with its factories in Malaysia and China.
The decision however will not affect Panasonic’s R&D and Asia Pacific headquarters in the city-state.
A statement by the company attributed the move to the “challenging global business outlook”, adding that it was part of its “long-term business strategic review”.
The Straits Times meanwhile reported that half of the affected workers are Singaporean, while 13% are permanent residents. Meanwhile, 60% of those laid off are aged above 50, while 30% are between 30 and 50 years old.
The paper said the workers were notified in four separate 45-minute sessions today.