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FOR IMMEDIATE RELEASE Media Contacts: Investor Relations Contacts: Akira Kadota (Japan) Makoto Mihara (Japan) International PR Investor Relations (Tel: +81-3-3578-1237) (Tel: +81-6-6908-1121) Panasonic News Bureau (Japan) Akihiro Takei (U.S.) (Tel: +81-3-3542-6205) Panasonic Finance (America), Inc. (Tel: +1-212-698-1365) Jim Reilly (U.S.) (Tel: +1-201-392-6067) Hiroko Carvell (Europe) Panasonic Finance (Europe) plc Brendon Gore (Europe) (Tel: +44-20-7562-4400) (Tel: +44-20-8899-2217)
Matsushita to Close Panasonic Electronic Devices U.K. Ltd.
Osaka, Japan, August 28, 2006 -- Matsushita Electric Industrial Co., Ltd. (MEI [NYSE symbol: MC]), best known for its Panasonic brand, today announced plans to discontinue operations at Panasonic Electronic Devices U.K. Ltd. - PEDUK at the end of December 2006, and to begin closing/liquidation procedures. PEDUK is a manufacturing site in the U.K. of Panasonic Electronic Devices Co., Ltd. (PED), as well as a consolidated subsidiary of MEI.
PEDUK, which manufactures car speakers for European automobile manufacturers, has faced severe price declines due to intensified competition. This closing is a part of PED's global restructuring initiatives, thereby manufacturing of the car speakers is scheduled to be transferred to PED's overseas factories in Asia and Slovakia.
PEDUK Company Overview
1.Basic Information (as of March 31, 2006)
|Company name||Panasonic Electronic Devices U.K. Ltd.|
|Representative||Yoshimitsu Hioki, Managing Director|
|Location of head office||Port Talbot, U.K.|
|Date of incorporation||March 3, 1988|
|Principal business||Manufacture of car speakers|
|Share capital||GBP 9,000,000|
|Number of employees||242|
|Total number of outstanding shares||9,000,000 shares|
|Stockholders’ equity||GBP 4,780,000|
|Total assets||GBP 8,772,000|
|Financial closing date||March 31|
|Shareholders (% ownership)||Panasonic Europe Ltd. 100%|
|Principal customers||Group sales companies in Europe|
|Financial Institution||Panasonic Finance (Europe) plc|
2. Financial Results (for the most recent three fiscal years)
(thousands of GBP, except per share amounts, which are in GBP)
|Fiscal year ended:||March 2004||March 2005||March 2006|
|Income (loss) before income taxes||(1,872)||(934)||175|
|Net income (loss)||(1,872)||(257)||175|
|Net income (loss) per share||(0.208)||(0.029)||0.019|
|Cash dividends per share||---||---||---|
|Stockholders’ equity per share||0.54||0.51||0.53|
This matter will have no material effect on Matsushita's consolidated or parent-alone financial position or performance.