Panasonic chief ’s fear for UK factory

PANASONIC is considering the future of its UK manufacturing operation amid the prospect of a no-deal Brexit, according to Laurent Abadie, the chief executive of the Japanese company’s European division.

Mr Abadie said Panasonic was concerned about the implications of possible changes to tariffs and taxes triggered by Brexit on the competitiveness of its Cardiff factory, which employs 450 people. His remarks followed the announcement that it is moving its European headquarters out of Bracknell to the Netherlands in October.

That move will initially affect only about 20 staff from its UK offices, although some may be able to continue working remotely. It will only leave its investment team permanently in the UK. “The big risk for Japanese companies are factories based in the UK that are importing and exporting parts,” Mr Abadie said.

“We have a factory in Cardiff which imports a lot of parts. That could be an issue, so we are studying it … At the moment there is no decision.”

Mr Abadie made the comments at IFA in Berlin, Europe’s biggest technology conference.