Panasonic closes TV plant in China, to sell Mexican factory

TOKYO, Jan 31 (AFP):  Panasonic has closed its last remaining TV manufacturing factory in China and is to sell its plant in Mexico as part of a restructuring plan aimed at stemming losses, a newspaper said Saturday.

The Japanese electronics giant was forced to pull the plug on local production in the two countries due to a sharp decline in TV prices in North America and China, the Nikkei newspaper said.

The move will see Panasonic cutting back overseas production by 700,000 units a year, representing about 10 per cent of worldwide output, the business daily said.

In China, the firm stopped production at an 80 per cent-owned joint venture in Shandong Province on Friday, the newspaper said.