The Japanese technology conglomerate plans to shed underperforming businesses and shift its focus to new areas of growth.

Japanese tech giant Panasonic is planning to pare troubled business lines and its work force by thousands as it aims to reorient itself for a technological era no longer dominated by its traditional electronics.

In a statement on Friday, Panasonic said that it would cut about 10,000 jobs globally, or about 4 percent of employees, primarily within the fiscal year that started in April. The cuts include 5,000 jobs in Japan and 5,000 overseas. As part of its effort to bolster profitability, the company said it would “promote the termination of loss-making businesses with no prospect of improving profit.”

Founded in Osaka over a century ago, Panasonic has maintained an array of businesses from televisions and digital cameras to mobile phones and kitchen appliances. Once a leader in consumer electronics, the company over the past

Keep reading this article on The New York Times Business.