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, primarily within the fiscal year that started in April. 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 two decades has grappled with how to reorient its sprawling operations.