Osaka, Japan, — Matsushita Electric Industrial, best known for its Panasonic brand, announced that it will change its company name to Panasonic Corporation worldwide effective Oct. 1.
The company will also unify its corporate brands to the “Panasonic” brand across the world.
The change was approved at the company’s board meeting on Jan. 10 and will be submitted for and subject to approval at its ordinary general meeting of shareholders to be held in late June this year.
Matsushita said that when it changes its name the company will phase out the National brand, which is used for home appliances and housing equipment in Japan, to the Panasonic brand by the end of fiscal 2010, ending March 31, 2010. Subsequently, the National brand will be abandoned and the corporate brands in Japan will be unified to the Panasonic brand.
The company has been using a company name Matsushita Electric Industrial Co., Ltd. since 1935, following its earlier names Matsushita Electric Manufacturing Works since 1929 and Matsushita Electric Housewares Manufacturing Works since 1918 when it was first established. While the company was using National and Panasonic brand names over the period, it decided in 2003 to unify a global brand into Panasonic with a brand slogan ‘Panasonic ideas for life.’
The timing to change the company name and unify its global brand coincides with its 90th anniversary this year, the company said. At the same time, some group companies which currently use Matsushita or National in their names will also change their company names using Panasonic. Together with the brand unification in Japan, the company will lead all its resources and activities to enhancing the value of Panasonic brand, the company said.
The new Panasonic Corporation and its group companies worldwide will continue to run its business based on its founder Konosuke Matsushita’s business philosophy known as, “A company is a public entity,” “Customer-comes-first principle” and “Start fresh everyday,” the manufacturer said.