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Matsushita to Close Panasonic AVC Networks Germany GmbH
Osaka, Japan, June 9, 2006 -- Matsushita Electric Industrial Co., Ltd. (NYSE symbol: MC), best known for its Panasonic brand, announced plans to discontinue operations at its subsidiary Panasonic AVC Networks Germany GmbH (PAVCG) at the end of March 2007, after which it will begin closing/liquidation procedures.
PAVCG, mainly responsible for the manufacture and product development for the European DVD recorder market, currently faces ever-intensifying global competition and severe price declines. Under these circumstances, Matsushita decided this closing as part of the company's global restructuring initiatives in the DVD recorder business. Accordingly, future product development of DVD recorders for the European market will be shifted to Japan. Matsushita will continue production for the European DVD recorder market at Panasonic AVC Networks Slovakia s.r.o. (PAVCSK), its consolidated subsidiary and a manufacturing subcontractor of PAVCG.
Panasonic AVC Networks Germany GmbH Overview
|Company name||Panasonic AVC Networks Germany GmbH|
|Representative||Hidenobu Kakihara, President|
|Principal office||Hesebergweg 49, 31228 Peine, F.R. Germany|
|Date of incorporation||December 22, 1982|
|Principal lines of business||Development of DVD recorders|
|Share capital||23,008 thousand Euro|
|Financial closing date||March 31|
|Number of employees||151|
|Total assets||101,840 thousand Euro|
|Shareholders (% ownership)||Panasonic Europe Co., Ltd. 75%, MEI 25%,|
|Principal customers||Sales companies of Matsushita in Europe|
Financial Results (for the most recent three fiscal years)
|Fiscal year ended:||March 2004||March 2005||March 2006|
|Income (loss) before taxes *||1,894||1,208||3,500|
|Net income (loss) *||1,481||-3,527||579|
|(Note) * Amounts less than 1,000 Euros have been omitted.|
This matter will have no material effect on Matsushita's consolidated or parent-alone financial position or performance.