1/10/2008

Matsushita to change name to Panasonic

Filed under: — By Aviran Mordo @ 12:33 pm

Japanese electronics maker Matsushita Electric Industrial Co. said Thursday it will drop the name of its charismatic founder and become Panasonic Corp. to strengthen its global image.

Matsushita President Fumio Ohtsubo acknowledged it was a tough decision to give up the Matsushita and other brand names the company has built with consumers and employees for 90 years.

But he said the value of the Panasonic brand had suffered because the company had stuck with the old name.

“We must create more than what we are giving up,” he said, speaking from Osaka headquarters to reporters in the company’s Tokyo office via a video feed.

The name change was approved at a board meeting Thursday and will become effective Oct. 1, pending approval at a shareholders’ meeting in June.

 

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