FOR IMMEDIATE RELEASE
Media Contacts:Akira Kadota, International PR, Tokyo
(Tel: 03-3578-1237, Fax: 03-3437-2776)
Yoshihiro Kitadeya, International PR, Osaka
(Tel: 06-6908-0447, Fax: 06-6907-2013)
Matsushita Electric Announces Annual Management Policy for Fiscal 2003
Matsushita Electric Industrial Co., Ltd. (NYSE and PCX symbol: MC), best known for its "Panasonic" and "National" brand names, today announced its annual management policy for fiscal 2003, ending March 31, 2003. The following is an outline of the policy.
1. Management initiatives implemented during fiscal 2002 (Slide-1)
In line with the "Deconstruct and Create" theme of the mid-term "Value Creation 21" plan, Matsushita implemented the following management initiatives during fiscal 2002.
- Employment restructuring programs
- Research and development/design (R&DD) structural reforms
- Selective integration of manufacturing bases
- IT innovations
- Restructuring of consumer sales and distribution in Japan
- Introduction of the cell production method
- Inventory reduction
- Cost reduction of parts and materials
- Streamlining of head office function for a more agile organization
2. Reorganization of overall Matsushita Group structure to accelerate growth strategy (Slide-2)
To accelerate growth and improve profitability, Matsushita will (1) eliminate duplication of business lines, and counterproductive competition within the group, (2) unify and concentrate R&D resources into strategic areas to achieve optimum results from a groupwide perspective and (3) establish a system where there is a single window to customers, with full responsibility for development, production and sales for each product domain. Based on this policy, on October 1, 2002, Matsushita Communication Industrial Co., Ltd., Kyushu Matsushita Electric Co., Ltd., Matsushita Seiko Co., Ltd., Matsushita Kotobuki Electronics Industries, Ltd., and Matsushita Graphic Communication Systems, Inc. will become wholly-owned subsidiaries of Matsushita Electric Industrial Co., Ltd. through share exchanges.
(see details on "Attachment 1" of this release)