Matsushita Discontinues Operations At Its U.S. Air Conditioner Compressor Factory.Business Editors Editor's note: Due to differences in time zones, this press release was issued in the U.S. on January 12, 2001 OSAKA, Japan--(BUSINESS WIRE)--Jan. 13, 2001 (Japan time)--Matsushita Electric Industrial Co., Ltd. (MEI) (NYSE NYSE See: New York Stock Exchange :MC) today announced that it would discontinue production of air conditioner compressors at Matsushita Compressor Corporation of America (MCCA MCCA Minority Corporate Counsel Association MCCA Massachusetts Convention Center Authority MCCA Ministerial Council on Consumer Affairs (Australia) MCCA Marketing Communication Consultants Association ) on March 30, 2001. The decision to close the U.S. compressor factory is in response to declining production in the United States by U.S. home air conditioner manufacturers, MCCA's main customers. Matsushita intends to move U.S. production of air conditioner compressors to expanding facilities in Asian regions such as Malaysia and China in an effort to better optimize global production. MCCA, established in July 1989 in Mooresville, North Carolina Mooresville is a town in Iredell County, North Carolina, USA. The population was 18,823 at the 2000 census. It is located approximately 25 minutes north of Charlotte. , is a wholly-owned subsidiary of MEI. As of September 30, 2000, MCCA's shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was U.S.$80 million and total assets were $87 million. For the fiscal year ended March 31, 2000, MCCA had total sales of $98.8 million, income before income taxes of $939,000, and net income of $534,000. MCCA's main business is the manufacture and sale of air conditioner compressors. Over its 10 years in business, MCCA produced nearly 15 million units. The discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of production at MCCA will not have a material effect on MEI's consolidated financial position or performance. Matsushita Electric Industrial Co., Ltd. is one of the world's leading producers of electronic and electric products for consumer, business and industrial use. Matsushita's shares are listed outside Japan on the Amsterdam, Dusseldorf, Frankfurt, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pacific, and Paris stock exchanges. |
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