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Created to avoid excessive pride as the company grows
By 1935, the company employed about 3,500 people.
Annual sales had reached the ¥12 million mark. The company produced about 600 different products, and its sales network extended abroad. It had become a major force in the electrical appliance industry.
In December 1935, Matsushita incorporated the company, which had been a sole proprietorship, and renamed it Matsushita Electric Industrial Co.(MEI) to bring it in line with his vision of the enterprise as something entrusted to his care by society. The divisions were reorganized as nine subsidiaries and four associated companies, with MEI as a holding company.
Konosuke Matsushita, now in the role of president, explained his reasons for this to the company employees as follows: "Our company has expanded in the scope of its business, and in the number of people it employs. It has become a large manufacturing organization with a significant place in society. I feel a strong obligation to provide for its continued growth. At the same time, it suits our spirit of fairness and honesty to make public our economic status, and report it to society at large."
Matsushita also formally issued rules and regulations for his employees. Article 15 reads as follows: "No matter how large our company might become in the future, maintain the attitude of being a humble merchant. Consider yourself to be employed in a small shop. Be simple, frugal and humble as you carry out your work."
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