Panasonic
is a Japanese multinational electronics manufacturer, headquartered in Kadoma, Osaka, Japan. It was founded in 1918 as in the Fukushima ward of Osaka by Kōnosuke Matsushita. The company was incorporated in 1935 and renamed and changed its name to in 2008. In 2022, it reorganized as a holding company and adopted its current name.
In addition to consumer electronics, for which it was the world's largest manufacturer in the late 20th century, Panasonic produces a wide range of products and services, including rechargeable batteries, automotive and avionic systems, industrial equipment, as well as home renovation and construction. The company is listed on the Tokyo Stock Exchange and is a constituent of the Nikkei 225 and TOPIX 100 indices, with a secondary listing on the Nagoya Stock Exchange.
Corporate name
From 1925 to October 1, 2008, the company's corporate name was "Matsushita Electric Industrial Co.". On January 10, 2008, the company announced that it would change its name to "Panasonic Corporation", in effect on October 1, 2008, to conform with its global brand name "Panasonic". The name change was approved at the shareholders' meeting on June 26, 2008.In 2022, Panasonic announced a reorganization plan which split the company into Panasonic Holdings Corporation and conversion of its divisions into subsidiaries; the Lifestyle Updates Business Division being the division that took the Panasonic Corporation name after the reorganization. The reorganization took effect on April 1, 2022.
Brand names
Panasonic Corporation currently sells virtually all of its products and services worldwide under the Panasonic brand, having phased out the Sanyo brand in the first quarter of 2012. It uses the marketing slogan "A Better Life, A Better World". The company has sold products under a number of other brand names during its history.In 1927, Matsushita adopted the brand name for a new lamp product. In 1955, the company began branding audio speakers and lamps as "PanaSonic" for markets outside of Japan. Further refined to Panasonic, taken from the words "pan" – meaning "all" – and "sonic" – meaning "sound", the brand was created for the Americas because the National brand was already registered by others. Panasonic also sold the first bread machine.
The company began to use the brand name in 1965 for audio equipment. The use of multiple brands lasted for some decades. While National had been the premier brand on most Matsushita products, including audio and video, National and Panasonic were combined as National Panasonic in 1997 after the worldwide success of the Panasonic name.
In 1974, Motorola sold its Quasar brand and facilities to Matsushita.
In May 2003, the company announced that Panasonic would become its global brand, and launched the global tagline "Panasonic ideas for life." By March 2004, Matsushita replaced the National name for products and outdoor signboards, except for those in Japan. They would eventually phase out the National brand in Japan by March 2010.
In September 2013, the company adopted a new tagline to better illustrate their vision: "A Better Life, A Better World."
The Chinese company Shun Hing Electric Works and Engineering Co. Ltd has sold imported Panasonic and National branded products under the brand name Rasonic since the Matsushita Electric Industrial era. They have also sold MEI and Panasonic products under their original brand names. In June 1994, Panasonic Shun Hing Industrial Devices Sales Co., Ltd. and Panasonic SH Industrial Sales Co., Ltd. were established by a joint venture between Matsushita Electric Industrial and Shun Hing Group respectively, making Rasonic a product brand for MEI and subsequently the Panasonic Corporation.
In September 2014, Panasonic announced the revival of the Technics brand, first in European markets in December of that year.
History
20th century
Panasonic, then Matsushita Electric, was founded in 1918 by Kōnosuke Matsushita as a vendor of duplex lamp sockets. In the 1920s, Matsushita began regularly launching products. In 1927, he produced a line of bicycle lamps that were the first to be marketed with the National brand name. During World War II, the company operated factories in Japan and other parts of Asia which produced electrical components and appliances such as light fixtures, motors, electric irons, wireless equipment and its first vacuum tubes.After the war, the Matsushita group, largely having been split into MEI and MEW by the dissolution imposed by the occupation force, imperfectly regrouped as a Keiretsu and began to supply the post-war boom in Japan with radios and appliances, as well as bicycles. Matsushita's brother-in-law, Toshio Iue, founded Sanyo as a subcontractor for components after World War II. Sanyo grew to become a competitor to Matsushita, but was later acquired by Panasonic in December 2009.
In 1961, Matsushita traveled to the United States and met American dealers. The company began producing television sets for the U.S. market under the Panasonic brand name, and expanded the use of the brand to Europe in 1979.
Its plant in 1963 produced eight TV sets per minute, accounting for 21.8% of Japan's production of cathode ray tube television sets at the time, the largest share out of any company.
The company used the National brand outside North America from the 1950s to the 1970s. The inability to use the National brand name led to the creation of the Panasonic brand in the United States. Over the next several decades, Matsushita released additional products, including black and white TVs, electrical blenders, fridges, rice cookers, color TVs, and microwave ovens.
The company debuted a high-fidelity audio speaker in Japan in 1965 with the brand Technics. This line of high quality stereo components became a worldwide favorite, the most famous products being its turntables, such as the SL-1200 record player, known for its high-performance, precision and durability. Throughout the 1970s and early 1980s, Matsushita continued to produce high-quality specialized electronics for niche markets, such as shortwave radios, and developed its successful line of stereo receivers, CD players and other components.
In 1968, Matsushita began to make rotary compressors for air conditioners, and, in 1971, it began to make absorption chillers, also for air-conditioning applications.
In 1972, Matsushita established its first overseas factory, in Malaysia.
In 1973, Matsushita established "Anam National", joint venture with Anam Group in South Korea.
In 1983, Matsushita launched the Panasonic Senior Partner, the first fully IBM PC compatible Japanese-made computer. A year later, Panasonic released the Executive Partner, the first affordable portable computer with a plasma display. Around this time the company also introduced inverter air conditioners.
In 1984, Matsushita established the Panasoft software label, which published software for MSX computers from 1984 to 1989. The company also manufactured MSX computers of their own, such as Panasonic FS-A1.
In November 1990, Matsushita agreed to acquire an American media company, MCA Inc., the predecessor of both Universal Music Group and Universal Pictures, for US$6.59 billion. The acquisition was preceded by the takeover of Columbia Pictures by Sony, the arch rival of Matsushita. At the time, Matsushita had dominated the home video market with the company's leading position in the electronics market. It had been strengthened by VHS, the de facto standard of consumer videotape that Matsushita and JVC co-introduced. Inspired by Sony's bold quest for Hollywood, Matsushita believed it could become a leader in the film industry as well. However, Matsushita subsequently sold 80% of MCA to Seagram Company for US$7 billion in April 1995, demoralized by the high volatility of the film industry.
In 1992, Matsushita made the Panasonic FS-A1GT, the last model of the MSX turbo R computer.
In 1993, Matsushita released the CF-V21P, the first notebook computer to have an integrated CD-ROM drive as an option.
In 1998, Matsushita sold Anam National to Anam Electronics.
2000 to present
On May 2, 2002, Panasonic Canada marked its 35th anniversary in that country by giving $5 million to help build a "music city" on Toronto's waterfront.In 2005, Matsushita Toshiba Picture Display Co. Ltd. stopped production of CRTs at its factory in Horseheads, New York. A year later, in 2006, it stopped production at its Malaysian factory, following heavy losses. In 2007, it bought the venture from Toshiba, eventually ending all production.
On January 19, 2006, Matsushita announced that it would stop producing analog televisions from the next month, to concentrate on digital televisions.
In 2008, all models of electric shavers from the Panasonic factory were called Panasonic shavers, and they dropped Matsushita and National from their name.
In late 2006, Matsushita began talks with Kenwood Corporation to sell and spin off JVC. As of October 1, 2008, JVC and Kenwood merged to create the JVCKenwood Corporation.
On November 3, 2008, Panasonic and Sanyo announced that they were holding merger talks, which eventually resulted in the acquisition of Sanyo by Panasonic. The merger was completed in December 2009, and resulted in a corporation with revenues of over ¥11.2 trillion.
With the announcement that Pioneer would exit the production of its Kuro plasma HDTV displays, Panasonic purchased many of the patents and incorporated these technologies into its own plasma displays.
In April 2011, it was announced that Panasonic would cut its work force by 40,000 by the end of fiscal 2012 in a bid to streamline overlapping operations. The curtailment is about 10 percent of its group work force.
In October 2011, Panasonic announced that it was going to trim its money-losing TV business by ceasing production of plasma TVs at its plant in Amagasaki, Hyōgo Prefecture by March 2012, cutting 1,000 jobs in the process. Also, it sold some of Sanyo's home appliances business to Haier.
In January 2012, Panasonic announced that it had struck a deal with Myspace on its new venture, Myspace TV. Myspace TV would allow users to watch live television while chatting with other users on a laptop, tablet or the television itself. With the partnership, Myspace TV would be integrated into Panasonic Viera televisions.
On May 11, 2012, Panasonic announced plans to acquire a 76.2% stake in FirePro Systems, an India-based company in infrastructure protection and security solutions such as fire alarm, fire suppression, video surveillance and building management.
In April 2012, Panasonic spun off Sanyo DI Solutions, a digital camera OEM.
In line with company prediction of a net loss of 765 billion yen, on November 5, 2012, the shares fell to the lowest level since February 1975 to 388 yen. In 2012, the shares plunged 41 per cent. On November 14, 2012, Panasonic said it would cut 10,000 jobs and make further divestments.
On May 18, 2013, Panasonic announced that it would invest $US40 million in building a factory in Binh Duong, Vietnam, which was completed in 2014.
In July 2013, Panasonic agreed to acquire a 13% stake in the Slovenian household appliance manufacturer Gorenje for around €10 million. That same month, Panasonic signed an agreement with Sony Corporation to develop Archival Disc, described as an optical disc format for long-term data archival purposes.
In a press release following its announcement at IFA 2013, Panasonic announced that it had acquired the "Cameramanager video surveillance service" with the intention of expanding its reach to cloud-based solutions.
In 2014, Panasonic Healthcare was bought by KKR. Panasonic Healthcare was renamed PHC in April 2018.
In July 2014, it was announced that Panasonic has reached a basic agreement with Tesla Motors to participate in the Gigafactory, the battery plant that the American electric vehicle manufacturer plans to build in the U.S. In August 2014, Tesla said the plant would be built in the Southwest or Western United States by 2020. The $US5 billion plant would employ 6,500 people, and reduce Tesla's battery costs by 30 per cent.
Due to increased competition from China, Panasonic's Li-ion automotive market share decreased from 47% in 2014 to 34% in 2015. In June 2016, Tesla announced that Panasonic would be the exclusive supplier of batteries for its mass market vehicle Model 3. Batteries for the higher-end Model S sedan and Model X SUV will also be supplied by Panasonic. In early 2016, Panasonic president Kazuhiro Tsuga confirmed a planned total investment of about $1.6 billion by the company to construct Gigafactory to full capacity. However, after the number of Model 3 reservations became known in April, Panasonic moved production plans forward and announced a bond sale for $US3.86 billion, most of it to be invested in Gigafactory.
In November 2014, Panasonic announced its partnership with Photon Interactive to create customized and personalized digital signs in stores.
In January 2015, Panasonic announced it had stopped making TVs in China and plans to liquidate its joint venture in Shandong.
In March 2015, Panasonic announced plans to buy US satellite communication service provider ITC Global.
In April 2015, Panasonic announced its new range of products and relaunched its brand in South Africa. The company intends to use South Africa as a springboard into Africa, with Nigeria and Egypt as its initial targets.
In June 2015, Panasonic reached agreements with three Australian energy utilities to trial its home-based battery storage options.
In November 2015, Panasonic announced that it set up a new plant in Suzhou, China, through its subsidiary, Panasonic Ecology Systems Co., Ltd, to produce a new type of catalyst-coated diesel particulate filter that decomposes matter contained in diesel engine exhaust gas.
In November 2015, Panasonic starts to retail locally harvested produce from its indoor agriculture facility salads via Veggie Life branding in Singapore, from the first licensed indoor vegetable farm in the country using Panasonic's own technology.
In February 2016, Panasonic and the City of Denver formed a formal partnership to make Denver the "smartest" city in the US. Joseph M. Taylor, chairman and CEO of Panasonic Corp. of America, laid out the plans for the partnership in four key areas: smart housing and small offices, energy and utilities, transportation and city services and smart buildings.
In 2016, Panasonic debuted a transparent TV.
In January 2016, Panasonic bought Bayer's diabetes care business for $1 billion.
In July 2016, Panasonic unveiled its interest in making acquisitions in the artificial intelligence and machine learning space. According to a source, the company has put aside $US10 million for use in either an acquisition or joint venture.
In August 2018, the company announced, to avoid potential tax issues, Panasonic would move its European headquarters from the UK to Amsterdam in October as Brexit approaches.
On September 25, 2018, Panasonic became one of the founding members of the L-Mount Alliance, and announced two full-frame mirrorless cameras and a range of L-Mount lenses to be launched in 2019. The 47-megapixel Panasonic Lumix S1R and the 24-megapixel Panasonic Lumix S1 will be the first full-frame mirrorless cameras produced by Panasonic and will offer the Lumix Pro support service for professional photographers. These cameras will also be equipped with Dual Image Stabilization technology to help photographers when shooting in low-light.
In 2019, Panasonic sold its semiconductors and security systems businesses. The security systems division was rebranded as i-PRO. The company also decided to completely exit from the liquid-crystal display panel business by 2021, marking the end of its display production, to focus its resources on the automotive and industrial businesses. Panasonic's LCD plant in Himeji, Hyōgo will be overhauled to manufacture automotive batteries.
In 2020, Panasonic exited the vending machine business, as it failed to achieve profitability, lagging behind rivals Fuji Electric, Sanden and Glory.
Meanwhile, Panasonic has made an investment to take a 20% stake in Blue Yonder, the supply-chain management software company previously known as JDA Software, deepening the integration of the former's industrial connected technology and the latter's products that has been under way since a year ago. In March 2021, it was reported that Panasonic will buy Blue Yonder for $US6.45 billion after buying a 20% stake in Blue Yonder for 86 billion yen in 2020. This deal is considered one of the biggest since 2011.
On November 19, 2020, Panasonic announced a restructuring set to be completed by 2022 in which the company spins off the domain companies as wholly owned subsidiaries while transforming itself into the holding company named Panasonic Holdings Corporation. Panasonic's plans are similar to that of its competitor, Sony, did on April 1, 2021, when Sony Corporation became Sony Group Corporation.
In November 2020, Panasonic signed a Memorandum of Understanding with Equinor and Norsk Hydro to set up a Gigafactory in Norway, for battery production.
In January 2021, the company announced that it would end its solar panel production citing increasing price competition from Chinese manufacturers.
In June 2021, it was reported that Panasonic sold its entire stake in Tesla for $US3.6 billion.
In August 2022, it was reported that the company, which is a supplier to Tesla, was in discussions to build a new electric vehicle battery plant in the US, with Oklahoma named as a leading contender. This would be on top of the plant planned for Kansas. Each would have similar capacity. In the first half of 2022, Panasonic is ranked fourth in the world with a market share of 10 per cent according to SNE research. Construction of the battery plant in Kansas began in November 2022.
On December 13, 2022, Panasonic Energy Co., Ltd., and Lucid Group, Inc. announced that they had entered into multi-year agreements to supply batteries for Lucid's electric vehicle.