Panasonic plans to merge with Panasonic Electric Works and cut 30,000 more workers globally through fiscal year 2012, according to an April 27, 2011 report by the Reuters. Panasonic Electric Works is a Panasonic's wholly-owned subsidiary. It is reported that Panasonic currently hires approximately 380,000 employees, and the company has already cut 10,000 jobs in fiscal year 2010 ending in March 2011, according to the same source. Panasonic estimates that the company will spend more than US$100 billion yen (US$1.23 billion; US$1=81.6 yen) for the staff layoff and production facility reorganization. Panasonic's moves are projected to aim at strengthening its global competitiveness and streamlining its operations after the company turned its majority-owned Sanyo into a 100%-own subsidiary on April 1, 2011.