Panasonic in Asia appliance blitz

Kyodo

Panasonic Corp. said Wednesday its home appliance business will focus its investment for the next three years on operations in Asia as it looks to meet its goal of lifting overall revenue by 30 percent in five years.

The tech giant said in a meeting with analysts in Tokyo that it will expand its sales network in Asia and bolster product development for the region.

The home appliance business will play a large part in its growth strategy. The division is targeting revenue of ¥2 trillion in the fiscal year ending March 2019, which would account for a fifth of the company’s overall revenue goal of ¥10 trillion.

The company’s revenue rose 5.9 percent to ¥7.74 trillion in fiscal 2013.

The upbeat plan comes as the Osaka-based company made a dramatic turnaround last year. Panasonic posted its first profit in three years on the brisk performance of its housing and automobile parts businesses and the home appliance division’s solid profit increase that offset slumping TV operations.