SINGAPORE — Prime Minister Lee Hsien Loong on Friday (24 September) expressed sadness that electronics giant Panasonic will be closing its factory making refrigeration compressors in Singapore.
“We are deeply grateful that Panasonic believed in Singapore and journeyed with us for the better part of our history,” Lee said in a post on his Facebook page.
His comments come a day after Panasonic said it will be laying off 700 workers in line with the closure of Panasonic Appliances Refrigeration Devices Singapore, located in Bedok South Road, by the end of September 2022.
Panasonic said about half of the affected workers are Singaporean and another 13 per cent are permanent residents. About 60 per cent of the workers are aged 50 or older, while another 30 per cent are between 30 and 50 years old.
Lee noted that the factory has been in Singapore since 1972 and over half a century, it has produced and shipped 285 million refrigerator compressors all over the world.
Though the factory is closing, Panasonic’s refrigeration compressor global headquarters and research & development functions will remain in Singapore, he added.
“Singapore and in particular the Singapore Economic Development Board - EDB highly value investors like Panasonic and will continue to partner them to create jobs and opportunities for Singaporeans.”
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