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Panasonic accelerates shift to corporate business solutions

Osaka-based company expects 27% profit rise despite chip shortages, pandemic

Under previous CEO Kazuhiro Tsuga, Panasonic focused on restructuring after reporting losses in excess of $7 billion for two years straight in fiscal 2011 and 2012. (Photo by Takaki Kashiwabara)

TOKYO -- Panasonic expects net profit to increase 27% in the current business year, ending March 2022, as the 103-year-old electronics company aims to put years of restructuring behind it and go on the offensive by focusing on business customers.

"We are looking to move to the stage of going on the offensive by completing all the necessary restructuring steps," said outgoing President Kazuhiro Tsuga in an online news conference.

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