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FOR IMMEDIATE RELEASE Media Contacts: Investor Relations Contacts: Yoshihiro Kitadeya (Japan) Ryuichi Tsuruta (Tel: 06-6949-2293) Investor Relations (Tel: 06-6908-1121) Akihiro Takei Panasonic Finance (America), Inc. (Tel: +1-212-698-1365) Norio Iino Panasonic Finance (Europe) plc (Tel: +44-20-7562-4400)
Matsushita to Close Vacuum Cleaner Company in Spain
Osaka, Japan, May 21, 2004 -- Matsushita Electric Industrial Co., Ltd. (NYSE symbol: MC), best known for its "Panasonic" brand products, today announced plans to discontinue operations at its subsidiary Matsushita Electric España S.A. (MAES) at the end of December, 2004, after which it will begin closing/liquidation procedures.
MAES, which is responsible for production of vacuum cleaners for the European market, recorded decreased profitability due to intensified competition and price declines in its market. To further expand sales of vacuum cleaners in the European market, Matsushita will shift production to factories in China.
MAES was established in Barcelona in September 1973 through the purchase of shares of Anglo Española, a Spanish manufacturer of TVs and other electric appliances. MAES has supplied approximately 13.5 million vacuum cleaners over the past 28 years, since its start of production in 1975.
- 1. Basic Information (as of March 31, 2004)
Company name Matsushita Electric España S.A. Representative Norikazu Yamada, Managing Director Location of head office Poligono Industrial de Celra, 17460, Celra(Girona), España Date of incorporation September 7, 1973 Principal business Manufacture and sales of vacuum cleaner Share capital Euros 3,000,000 Financial closing date March 31 Number of employees 216 Total number of outstanding shares 1,000,000 shares Shareholder's equity Euros 29,328,654 Total assets Euros 60,032,934 Shareholders (% ownership) Matsushita Electric Industrial Co., Ltd. (99.99%)
Matsushita Electric Europe (Headquarters) Ltd. (0.01%)
Principal customers Panasonic sales companies in Europe Bank references Bankinter. Girona
- 2. Financial Results (for the most recent three fiscal years)
(thousands of Euros, except per share amounts, which are in Euros)
Fiscal year ended: March 2002 March 2003 March 2004 Sales * 73,513 54,663 28,484 Income (loss) before taxes * 1,131 (3,097) (3,359) Net income (loss) * 1,090 (2,545) (3,948) Net income (loss) per share 1.09 (2.54) (3.95) Cash dividends per share 0.22 21.88 0.00 Shareholders' equity per share 57.92 55.16 29.33