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NEC and Panasonic Establish New Joint Venture Company 'ESTEEMO' for Mobile Handsets.

Tokyo, Japan, Oct 24, 2006 - (JCN Newswire) - NEC Corporation, Panasonic, the brand for which Matsushita Electric Industrial Co., Ltd. is best known, and Panasonic Mobile Communications Co., Ltd., a subsidiary of Matsushita Electric Industrial Co., Ltd., today announced the establishment of a new company, ESTEEMO Co., Ltd. ESTEEMO was established based on an agreement signed by the three parties on July 27, 2006, and will carry out the development of mobile handsets, including the development of a common software and hardware platform. The outline of the new company follows below.

Profile of the New Company
Company name: ESTEEMO Co., Ltd.

Headquarters: Tsuzuki ku, Yokohama City, Kanagawa Prefecture, Japan

Branch office: Nakahara ku, Kawasaki City, Kanagawa Prefecture, Japan

Operation start: November 6, 2006

Business Activities: Development of a common hardware and software platform
 for mobile handsets and joint development of mobile
handsets

Capital: 100.0 million yen

Ownership: NEC Corporation : 50.0 million yen (50%)
 Panasonic Mobile Communications Co., Ltd. :
 50.0 million yen (50%)

Employees: Approximately 130

Management structure:To be decided
 (President, Vice president, and 2 board members)


At the time of establishment, the president will be appointed from NEC and the vice president from Panasonic Mobile Communications.

The company name has been coined from a combination of the words Esteem and Mobile to signify establishment by Panasonic and NEC as business partners with mutual esteem for each other, the target of acquiring esteemed customers and of becoming an esteemed company in the market for the development of mobile handsets.

About Matsushita Electric Industrial Co., Ltd.

Best known by its Panasonic brand name, Matsushita Electric Industrial Co., Ltd. is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of US$76.02 billion for the year ended March 31, 2006. The Company's shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE:MC) stock exchanges. For more information on the company and the Panasonic brand, visit the Company's website at http://panasonic.net/.

About NEC Corporation

NEC Corporation (TSE: 6701; NASDAQ: NIPNY) is one of the world's leading providers of Internet, broadband network and enterprise business solutions dedicated to meeting the specialized needs of its diverse and global base of customers. NEC delivers tailored solutions in the key fields of computer, networking and electron devices, by integrating its technical strengths in IT and Networks, and by providing advanced semiconductor solutions through NEC Electronics Corporation. The NEC Group employs more than 150,000 people worldwide and had net sales of approximately 4,825 billion yen (approx. $41.2 billion) in the fiscal year ended March 2006. For additional information, please visit the NEC home page at: http://www.nec.com or the newsroom at: http://www.nec.co.jp/press/en/

About Panasonic Mobile Communications Co., Ltd.

Panasonic Mobile Communications Co., Ltd., whose headquarters are based in Yokohama, Japan, is a worldwide leader in the development and manufacture of mobile communications products. As one of the main business domains for Matsushita Electric Industrial Co., Ltd., best known for its Panasonic brand digital electronics, Panasonic has been developing cutting edge technologies since its establishment in 1958, including the world's first 3G video handset for the Japanese market in 2001. Panasonic is committed in providing added-value solutions to end-users through its mobile communication products. For more information, please visit www.panasonic.co.jp/pmc/en

Source: Matsushita Electric Industrial Co., Ltd.

Contact:
Matsushita Electric Industrial Co., Ltd.
Akira Kadota, International PR
Tel: +81-3-3578-1237
Fax: +81-3-3436-6766

Panasonic Mobile Communications Co., Ltd.
Junji Kanegawa
Tel: 045-939-6455
Fax: 045-939-6497

NEC Corporation
Akiko Shikimori
Tel: +81-3-3798-6511
Fax: +81-3-3457-7249


Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K.
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No portion of this article can be reproduced without the express written permission from the copyright holder.
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Publication:JCN Newswires
Geographic Code:9JAPA
Date:Oct 24, 2006
Words:633
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