Matsushita to Be Renamed Panasonic
January 11, 2008
Major Japanese consumer electronics conglomerate Matsushita Electric Industrial - commonly known worldwide under the brand name Panasonic - announced on January 10 that the company's board of directors has approved the proposal to consolidate its corporate name Matsushita - which has been used for the past nine decades - and brand names Panasonic and National into one under the name of Panasonic.
The proposal, however, is still pending the approval by the shareholders' meeting, to be held around June 2008. Once approved, the new name is scheduled to become effective officially as of October 1, 2008, Taiwan's Economic Daily News reported. At the same time, the company plans to discontinue the use of the domestic brand name National - used for its household appliances in Japan since 1927 - by the end of fiscal year 2009, which runs from April 1, 2009 to March 31, 2010.
Aiming to boost its presence in the oversea markets and reshape its brand image, the company plans to change the names of over 500 affiliates to Panasonic as well, according to Japan's Yomiuri Shimbun.