The Founder Konosuke Matsushita

Convinced that the adoption of advanced Western technology was essential for Japanese postwar reconstruction, Konosuke began looking for an overseas business partner. In 1952, after very intense negotiations, Panasonic formed a technical cooperation agreement with Philips of the Netherlands, setting up Matsushita Electronics Corporation as a joint venture.
Although, originally, Philips negotiators demanded a high portion of the new company's sales in return for technical guidance, Konosuke countered that Panasonic was providing equally valuable managerial expertise, and responded with a demand for a management guidance fee. Finally, the two sides were able to come to a fair compromise.