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Panasonic Newsroom TOPPress ReleaseMatsushita to Close Panasonic AVC Networks Germany GmbH


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Headquarters News

Jun 9, 2006


FOR IMMEDIATE RELEASE

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Matsushita to Close Panasonic AVC Networks Germany GmbH



   Osaka, Japan, June 9, 2006 -- Matsushita Electric Industrial Co., Ltd. (NYSE symbol: MC), best known for its Panasonic brand, announced plans to discontinue operations at its subsidiary Panasonic AVC Networks Germany GmbH (PAVCG) at the end of March 2007, after which it will begin closing/liquidation procedures.

   PAVCG, mainly responsible for the manufacture and product development for the European DVD recorder market, currently faces ever-intensifying global competition and severe price declines. Under these circumstances, Matsushita decided this closing as part of the company's global restructuring initiatives in the DVD recorder business. Accordingly, future product development of DVD recorders for the European market will be shifted to Japan. Matsushita will continue production for the European DVD recorder market at Panasonic AVC Networks Slovakia s.r.o. (PAVCSK), its consolidated subsidiary and a manufacturing subcontractor of PAVCG.

[Reference]

Panasonic AVC Networks Germany GmbH Overview

(As of March 31, 2006)
Company namePanasonic AVC Networks Germany GmbH
RepresentativeHidenobu Kakihara, President
Principal officeHesebergweg 49, 31228 Peine, F.R. Germany
Date of incorporationDecember 22, 1982
Principal lines of businessDevelopment of DVD recorders
Share capital23,008 thousand Euro
Financial closing dateMarch 31
Number of employees151
Total assets101,840 thousand Euro
Shareholders (% ownership)Panasonic Europe Co., Ltd. 75%, MEI 25%,
Principal customersSales companies of Matsushita in Europe

Financial Results (for the most recent three fiscal years)

(Thousands of euros)
Fiscal year ended: March 2004 March 2005 March 2006
Sales * 226,259 213,520 219,795
Income (loss) before taxes * 1,894 1,208 3,500
Net income (loss) * 1,481 -3,527 579
(Note) * Amounts less than 1,000 Euros have been omitted.

This matter will have no material effect on Matsushita's consolidated or parent-alone financial position or performance.


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