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Relevant Press Releases
FOR IMMEDIATE RELEASE Media Contacts:Yasuhiro Fukagawa, International PR, Tokyo (Tel: 03-3578-1237, Fax: 03-5472-7608)
- Closes Panasonic Argentina -
Matsushita Electric Industrial Co., Ltd. (NYSE and PCX symbol: MC) today announced plans to discontinue operations at Panasonic Argentina, S.A. (PARSA), a sales subsidiary located in Argentina, on March 31, 2003. Responsibility for sales activities in Argentina will be shifted to Matsushita's manufacturing and sales subsidiary, Panasonic do Brasil Ltda. (PANABRAS), which will establish a new Argentina sales office.
This move is part of Matsushita's organizational restructuring of its South American operations in response to a sudden and severe contraction of the market in Argentina, caused by the economic turmoil in that country that began in late 2001.
See below for information about PARSA and PANABRAS.
Matsushita Electric Industrial Co., Ltd. is one of the world's leading producers of electronic and electric products for consumer, business and industrial use, which it markets around the world under the "Panasonic," "National," "Technics" and "Quasar" brand names. Matsushita's shares are listed on the Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, New York, Pacific, Euronext Amsterdam, Euronext Paris, Frankfurt and Dusseldorf stock exchanges. For more information, visit the Matsushita web site at the following URL: http://www.panasonic.co.jp/global/
Basic Information for PARSA (as of February 28, 2003)
(thousands of dollars)
[ Financial Results (for the most recent three fiscal years) ]
|Fiscal year ended:||March 2000||March 2001||March 2002|
|Recurring profit (loss)||52||103||(3,283)|
|Net income (loss)||52||103||(3,358)|
This matter will have no material effect on Matsushita's consolidated, or parent-alone financial position or performance.
Basic Information for PANABRAS (as of February 28, 2003)