Panasonic Plans To Shift Rice Cooker Production From Japan To China: Report

  • Panasonic Holdings Corporation PCRFY is planning to end the production of its famous rice cookers in Japan.
  • The industrial devices manufacturer is taking the step after a decline in demand and high production cost, reported Bloomberg.
  • The company will shift the rice cooker production to Hangzhou, China, by June 2023.
  • The rice cooker has been produced by Panasonic in Japan since 1956.
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  • The report noted that the aging population of Japan, along with change in lifestyle among the younger generation has led to rice consumption halve since mid-1960s.
  • Panasonic aims to enhance efficiency and profitability with the production shifting to China.
  • Price Action: PCRFY shares closed higher by 0.24% at $8.37 on Tuesday.
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