Panasonic will slash its plasma TV panel production and cut up to several thousand jobs.

According to Reuters the outfit's loss-making television unit can't compete with Asian rivals. Plasma panel production will stop at its Amagasaki No. 3 factory in Hyogo prefecture in Southern Japan. Amagasaki No. 3, is the largest plasma panel factory in the world with production capacity of 330,000 panels per month. It was finished in December 2009.

Panasonic is also trying to flog its liquid-crystal display panel plant at Mobara near Tokyo and will cut staffing by several thousand although it has yet to officially announce anything.

More here.