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Panasonic To Close Thailand Appliance Plant; To Buy 20% Stake In Blue Yonder

Japanese electronics maker Panasonic Corp. (PCRFY.PK,PCRFF.PK) will move its Thai-based production of refrigerators and washing machines to Vietnam next year, and lay off about 800 employees, as part of its efforts to cut costs, according to reports.

The company is also facing fiercer price competition from its rivals China and south Korea.

Panasonic will stop washing machine production in Thailand in September 2020 and refrigerator production in October, the reports said.

The company reportedly will close its research and development centre by the end of March 2021.

Separately, Panasonic said it will make 20% strategic equity investment in the end-to-end supply chain software provider, Blue Yonder. It will also have one seat on the Board of Directors of Blue Yonder.

The investment via a secondary sale of shares values Blue Yonder at an enterprise value of $5.5 billion.

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