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Matsushita to Close Matsushita Air-Conditioning India Private Limited
Osaka, Japan, August 30, 2006 -- Matsushita Electric Industrial Co., Ltd. (MEI [NYSE symbol: MC]), best known for its Panasonic brand, announced plans to begin closing/liquidation procedures for its consolidated subsidiary Matsushita Air-Conditioning India Private Limited (MAI).
MAI, which has been manufacturing and selling window-mounted home air-conditioners in the Indian market since 1997, has faced sales declines, due to a shift in demand from window-mounted type to wall-type. Under these circumstances, MAI has been phasing out its operations for years and, thus, MAI in effect no longer operates the business currently. Accordingly, MEI decided to eliminate the business of window-mounted home air-conditioners in India.
For future forward, MEI will focus on the prospective wall-type air-conditioner business instead of window-mounted home air-conditioner business in the Indian market. Considering the expanding Indian market and a decrease in import taxes, MEI will strive to provide high value-added products into the Indian market from manufacturing sites such as Malaysia under MEI’s optimal global manufacturing locations and, thus, MEI aims to further increase its sales in the Indian market.
Matsushita Air-Conditioning India Private Limited Overview (as of March 31, 2006)
|Company name||Matsushita Air-Conditioning India Private Limited|
|Representative||Masahiro Tatekawa, Managing Director|
|Principal office||Tamil Nadu, India|
|Date of incorporation||June 5, 1997|
|Principal business||Manufacture and sale of window-mounted home air-conditioners|
|Share capital||I. Re 1,075 million|
|Financial closing date||March 31|
|Number of employees||5|
|Total number of outstanding shares||107.5 million shares|
|Stockholders’ equity||I. Re 22 million|
|Total assets||I. Re 112 million|
|Stockholders (% ownership)||MEI 100%|
|Principal customers||Affiliated retail stores of air-conditioners and mass electronic retailers in India|
|Financial Institution||The Bank of Tokyo-Mitsubishi UFJ, Ltd.|
Financial Results (for the most recent three fiscal years)
(millions of I. Re, except per share amounts, which are in I. Re)
|Fiscal year ended:||March 2004||March 2005||March 2006|
|Income (loss) before income taxes||2||(50)||(176)|
|Net income (loss)||2||(49)||(176)|
|Net income (loss) per share||0||0||(2)|
|Cash dividends per share||0||0||0|
|Stockholders’ equity per share||2||2||0|
This matter will have no material effect on Matsushita’s consolidated or parent-alone financial position or performance.