Matsushita Reorganizes European Car Audio Business; Closure of Panasonic Automotive Systems Deutschland.Business Editors OSAKA, Japan--(BUSINESS WIRE)--Oct. 28, 2003 Matsushita Electric Industrial Co., Ltd. (NYSE NYSE See: New York Stock Exchange : MC) today announced plans to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. its European car audio business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . This move is part of the company's efforts to become a top supplier of car electronics equipment in Europe. As part of this reorganization, Matsushita will establish a new R&D/sales company, Panasonic Automotive Systems See ITS, embedded system, drive-by-wire, adaptive cruise control, collision avoidance system, autonomous vehicle, heads-up display, DSRC, lane departure system, CAN bus, FlexRay and SYNC. Europe GmbH (PASE) headquartered in Munich, Germany on April 1, 2004, as a subsidiary of Matsushita Electric Europe (HQ) Ltd. The new company will be established by merging the R&D division of Panasonic Automotive Systems Deutschland GmbH (PASD PASD Phoenixville Area School District (Pennsylvania) PASD Performance Aware Software Development PASD Preliminary Alcohol Screening Device PASD Program Accounting Services Division PASD Philly All Star Dancers ) located in Neumuenster, Germany, with the car electronics sales division of Panasonic Industrial Europe GmbH, based in Munich. In connection with these shifts, Matsushita will discontinue operations at PASD, an R&D and manufacturing subsidiary, on March 31, 2004. Meanwhile, manufacturing of car audio products at PASD will be transferred to Matsushita's existing production site, Panasonic Mobile & Automotive Systems Czech s.r.o. in Pardubice, Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. . The reorganization of the above-mentioned European car electronics business reflects Matsushita's strategy to increase its focus on the European automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. , which accounts for approximately 30%(*) of global automobile production. (*)internal estimate based on data released by automobile manufacturers Upon the implementation of Matsushita's Groupwide business and organizational restructuring in January 2003, Panasonic Automotive Systems Company (PAS), headquartered in Shinagawa, Japan, was established to create an optimum integrated operational structure in the car electronics field, for R&D, manufacturing and sales. PAS has concentrated its efforts on enhancing a consistent, customer-oriented approach in each of the four regions of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, China and Japan, in response to the global expansion of automobile manufacturers. Such efforts include the establishment of a newly reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. Panasonic Automotive Systems Company of America in April, 2003. See attached for information about PASD and PASE. Matsushita Electric Industrial Co., Ltd., best known for its "Panasonic" brand products, is one of the world's leading manufacturers of electronic and electric products for consumer, business and industrial use. Matsushita's shares are listed on the Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, 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, Euronext Amsterdam, Euronext Paris Euronext Paris is France's securities market, formerly known as the Paris Bourse, which merged with the Amsterdam and Brussels exchanges in September 2000 to form Euronext NV, which is the second largest exchange in Europe behind the London Stock Exchange. , Frankfurt and Dusseldorf stock exchanges. For more information, visit the Matsushita web site at the following URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.panasonic.co.jp/global/
Basic Information for PASD (as of September 30, 2003)
Company name Panasonic Automotive Systems Deutschland GmbH
Representative Shigeru Matsuda, President
Location of head office Neumunster, Schleswig-Holstein, F.R. Germany
Date of incorporation June 1, 1985
Principal business R&D and manufacture of car audio equipment
for automakers in Europe
Share capital 26 million Euros
Financial closing date March 31
Number of employees 526
Shareholders' equity 62 million Euros
Shareholders
(% ownership) Matsushita Electric Industrial Co., Ltd.
(100%)
Principal customers Volkswagen AG, AUDI AG, DaimlerChrysler AG,
Toyota Motor Manufacturing (UK) Ltd., Honda
Export (U.K.) Ltd.
Financial Results for the Most Recent Three Fiscal Years
(millions of Euros)
Fiscal year ended: March March March
2001 2002 2003
Sales 209 229 217
Recurring profit (loss) (8) 0 1
Net income (loss) (8) 0 1
(Note) Amounts less than 1 million Euros have been omitted.
This matter will have no material effect on Matsushita's
consolidated, or parent-alone financial position or performance.
Basic Information for PASE (as of April 1, 2004)
Company name Panasonic Automotive Systems Europe GmbH
Representative To be decided
Location of head office Munchen-Haar, Bayern, F.R. Germany
Date of incorporation April 1, 2004
Principal business R&D and sales of multimedia products and
systems for automobiles; Sales of automobile
equipment and systems related to the
environment, energy conservation and safety
Share capital 5 million Euros
Number of employees approximately 220
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