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Matsushita Electric to liquidate UK unit as part of rationalisation program

08.28.2006, 05:10 AM

TOKYO (XFN-ASIA) - Matsushita Electric Industrial Co Ltd said it has decided to liquidate a wholly-owned UK unit which makes speakers for car audio systems as part of efforts to rationalise production at its electronic device operations amid a continuing fall in prices.

Panasonic Electronic Devices UK, a wholly-owned unit of Panasonic Electronic Devices, will be liquidated at the end of this year, the company said.

Matsushita Electric said the move is expected to make only a minor impact on its year to March 2007 profit forecast.

Panasonic Electronic Device UK, which employs 242 workers, incurred net losses in the year to March 2004 and again in the year to March 2005.

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  • 309 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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