Aug 28, 2006
Press Release
FOR IMMEDIATE RELEASE
Media Contacts: Investor Relations Contacts:
Akira Kadota (Japan) Makoto Mihara (Japan)
International PR Investor Relations
(Tel: +81-3-3578-1237) (Tel: +81-6-6908-1121)
Panasonic News Bureau (Japan) Akihiro Takei (U.S.)
(Tel: +81-3-3542-6205) Panasonic Finance (America), Inc.
(Tel: +1-212-698-1365)
Jim Reilly (U.S.)
(Tel: +1-201-392-6067) Hiroko Carvell (Europe)
Panasonic Finance (Europe) plc
Brendon Gore (Europe) (Tel: +44-20-7562-4400)
(Tel: +44-20-8899-2217)
Matsushita to Close Panasonic Electronic Devices U.K. Ltd.
Osaka, Japan, August 28, 2006 -- Matsushita Electric Industrial Co., Ltd. (MEI [NYSE symbol: MC]), best known for its Panasonic brand, today announced plans to discontinue operations at Panasonic Electronic Devices U.K. Ltd. - PEDUK at the end of December 2006, and to begin closing/liquidation procedures. PEDUK is a manufacturing site in the U.K. of Panasonic Electronic Devices Co., Ltd. (PED), as well as a consolidated subsidiary of MEI.
PEDUK, which manufactures car speakers for European automobile manufacturers, has faced severe price declines due to intensified competition. This closing is a part of PED's global restructuring initiatives, thereby manufacturing of the car speakers is scheduled to be transferred to PED's overseas factories in Asia and Slovakia.
[Reference]
PEDUK Company Overview
1.Basic Information (as of March 31, 2006)
| Company name | Panasonic Electronic Devices U.K. Ltd. |
| Representative | Yoshimitsu Hioki, Managing Director |
| Location of head office | Port Talbot, U.K. |
| Date of incorporation | March 3, 1988 |
| Principal business | Manufacture of car speakers |
| Share capital | GBP 9,000,000 |
| Number of employees | 242 |
| Total number of outstanding shares | 9,000,000 shares |
| Stockholders’ equity | GBP 4,780,000 |
| Total assets | GBP 8,772,000 |
| Financial closing date | March 31 |
| Shareholders (% ownership) | Panasonic Europe Ltd. 100% |
| Principal customers | Group sales companies in Europe |
| Financial Institution | Panasonic Finance (Europe) plc |
2. Financial Results (for the most recent three fiscal years)
(thousands of GBP, except per share amounts, which are in GBP)
| Fiscal year ended: | March 2004 | March 2005 | March 2006 |
|---|---|---|---|
| Net sales | 11,169 | 11,526 | 15,615 |
| Income (loss) before income taxes | (1,872) | (934) | 175 |
| Net income (loss) | (1,872) | (257) | 175 |
| Net income (loss) per share | (0.208) | (0.029) | 0.019 |
| Cash dividends per share | --- | --- | --- |
| Stockholders’ equity per share | 0.54 | 0.51 | 0.53 |
This matter will have no material effect on Matsushita's consolidated or parent-alone financial position or performance.
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