Panasonic will liquidate a subsidiary that produces liquid crystal display panels after more than a decade of weak performance. The Japanese electronics group, long weighed down by the unit, will focus on making electric car batteries. Better late than never.
The business focused on producing LCDs for automotive and industrial uses. Fierce competition drove it out of TV screen manufacturing. Panasonic will turn the factory into a production base for EV batteries.
The first signs Panasonic had been defeated came in 2011. The company took a ¥265bn ($2bn) restructuring charge on its TV business and slashed its flatscreen output by nearly half, to about 7mn a year. Earnings remained in the red.
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