Japanese multinational electronics manufacturer Panasonic has quit the refrigerators and washing machine categories in India, where it failed to capture any significant market share and reported losses.
Panasonic Life Solutions India's market share is 1.8% for washing machines and 0.8% for refrigerators. "Over the last six years, we have been reporting a loss in sales and profits for refrigerators and washing machines," a spokesperson told NDTV Profit.
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Panasonic said it would focus on future-ready growth segments, such as home automation, heating ventilation and cooling, and B2B solutions, electricals and energy solutions.
"As a part of this growth strategy, we will focus on HVAC — commercial and residential — in Panasonic Consumer Business category and discontinuing washing machines and refrigerators categories," the spokesperson said.
The company is exploring options for impacted employees within other business lines, including HVAC and TV.
"Panasonic will support dealers in inventory liquidation and continue providing full customer service, including parts and warranty coverage," the company said.
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