Matsushita electric becomes Panasonic corporation

[Phil Hinton]

Press release.

Originally Posted by press release

NEW YORK, NY (October 1, 2008) -- Matsushita Electric Industrial Co., Ltd. announced that it has become Panasonic Corporation and its stock symbol on the New York Stock Exchange has been changed to PC from MC effective today. Along with the name change, Panasonic is working on the brand changeover from National to Panasonic within Japan – where National is the primary brand the company uses for its home appliances – and is aiming to complete it by the end of March 2010.

To celebrate the global name change, Yoshi Yamada, Chairman and Chief Executive Officer, Panasonic Corporation of North America, will ring the NYSE Opening Bell this morning, joined by Joe Taylor, Chief Operating Officer, Panasonic Corporation of North America; Shiro Kitajima, President, Panasonic Consumer Electronics Company and other members of the company's executive leadership team and honored guests.

Panasonic will also display its 150-inch Plasma High Definition Display – the world’s largest High Definition Flat Screen TV– outside the Exchange on Broad Street today. This will be the first public exhibit of the product which until now has only been shown at private industry events. Also on display will be a wide range of the latest VIERA HDTV technologies from Panasonic, including its first IP-enabled HDTV (VieraCast) and tru2way – an HDTV which enables consumers to receive cable TV services without a set-top box.

When it was first established in 1918 the company was known as Matsushita Electric Housewares Manufacturing Works, which was changed to Matsushita Electric Manufacturing Works in 1929. The company used the name Matsushita Electric Industrial Co., Ltd. after its incorporation as a joint stock corporation in 1935. While the company used the National and Panasonic brand names over a long period, it decided in 2003 to position Panasonic as its global brand with the brand slogan “Panasonic ideas for life.”

With this company name change and brand unification, the company has renewed its commitment to bringing the achievements accumulated through the three different names of Matsushita, National, and Panasonic under the one single name of Panasonic to enhance its total brand value.

Panasonic Corporation will maintain and put its management philosophy into practice throughout the world. The company will inherit and further develop the corporate culture cultivated by the Matsushita Group. Panasonic employees across the world will unite their efforts under the common management philosophy, pursuing together the common goal of making Panasonic Corporation a globally excellent company.