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Having posted unprecedented losses for a fiscal year (FY2001) for the first time since our foundation, Panasonic Corporation sought to turn things around immediately in order to restore society's trust in the company with a Groupwide reorganization effective as of January 1, 2003. Working toward new growth, the new structure of the Group consisted of 14 independent business domains.
Since the company was founded, autonomous and responsible management was always practiced as based on the customer-first principle. However, as our operations evolved and expanded, the organization took on new layers, greater complexity, and a scattering of technologies. This also compromised the clarity of our structure vis-á-vis customers and business areas.
This business realignment was instituted with the goal of providing solutions for these problems and realizing corporate management that made paramount the perspective of the customer. Toward this end, overlapping redundancies between companies of the Group were eliminated, development-focused management resources investment were centralized, and all functions of development, manufacturing, and sales were integrated and unified. With this as the new platform, the objective was to thoroughly accelerate growth strategies and autonomous and responsible management for each business domain.
Prior to the launch of the new structure, on October 1, 2002, we acquired full ownership of five companies of the Group: Matsushita Communication Industrial, Kyushu Matsushita Electric, Matsushita Seiko, Matsushita-Kotobuki Electronics, and Matsushita Graphic Communication Systems.
In the field of devices we acquired full ownership of Matsushita Electronic Components and Matsushita Battery Industrial on April 1, 2003. In the field of appliances as well, Home Appliance & Housing Electronics Company and Air Conditioners Company were dissolved and Matsushita Home Appliance Company was established.
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