Japanese multinational electronics company, Panasonic Corporation, announced its decision to cease the manufacture of photovoltaic (PV) products at its factories in Malaysia and Shimane Prefecture, Japan, the company announced in a statement on Monday.
According to the statement, the decision will result in the company's withdrawal from the production of photovoltaics, completing the structural reform of its photovoltaic business in the fiscal year 2022 running until March 2022.
Panasonic will stop the operation of photovoltaic wafer, cell and module production in its factory in Malaysia in the fiscal year 2022.
The company said the sales of photovoltaic modules in and outside Japan would continue.
"Panasonic will continue the sales of photovoltaic modules under the Panasonic brand in Japan by subcontracting production to its manufacturing partners," the statement read.
For the global market outside Japan, the company will also continue to sell outsourced photovoltaic modules as it has been doing in North America.
The statement underlined that Panasonic would support impacted employees through premium severance payment and outplacement assistance.
By Gulsen Cagatay