Panasonic Holdings Corporation

Panasonic Holdings Corporation (panasonikku kabushikigayi) is a large Japanese engineering corporation, one of the world's largest manufacturers of household appliances and electronic goods.

Company structure

2020

Creation of a holding company

In November 2020, Panasonic announced a large-scale restructuring, under which a holding with several new independent companies is being created. The changes are being carried out in order to increase manageability and ensure growth in the medium and long term, the Japanese electronics manufacturer said in a statement.

Under the planned changes, the corporation will be named Panasonic Holdings Corporation, and the name Panasonic Corporation will be used for a new operating company to which certain business units will report.

Panasonic will split into operating companies, each of which will implement autonomous management based on clearly defined areas of responsibility and authority. As a result, each company will be able to significantly increase its competitiveness thanks to quick decision-making in response to changes in the external environment and flexible development of the management system in accordance with the characteristics of a particular business, Panasonic expects.

It is noted that Panasonic, being a holding, will support the growth of each operating company and determine the directions of development in terms of optimizing the activities of the group as a whole in order to increase the value of the entire company.

Thus, the company plans to form a dynamically developing highly efficient structure, focusing its main resources on ensuring profit growth, reducing fixed costs and transforming unprofitable businesses, Panasonic said.

The restructuring is planned to be completed in full by April 2022, subject to approval by the next general meeting of shareholders, which will be held in June 2021, and obtaining permission from the relevant state bodies.^[1]

Panasonic structure by May

As of May 2020, Panasonic's business structure comprises four main divisions:

• Appliances (household appliances);
• Eco Solutions (lighting and ventilation systems, renewable sources);
• Connected Solutions (mobile phones and digital cameras, various communication and electronic equipment);
• Automotive & Industrial Systems; semiconductors robotic systems

Panasonic in Russia

In Russia, Panasonic is represented by Panasonic Rus.

Aktivs

In 2011, the company included 638 enterprises. Including:

• Panasonic Avionics Corporation
• Panasonic Rus

The main brands under which the products are produced:

• Panasonic (consumer electronics for the mass market, including: plasma panels, DVD players, phones, projectors, digital cameras, as well as computer chips, automotive equipment;

• Technics - audio equipment, since 2008 it has been used only for professional music equipment for DJing);

• Lumix (Panasonic Lumix) is a sub-brand of the Panasonic family of digital cameras. A wide range of devices are available under the Lumix brand: from compact to single-lens reflex cameras.

Among the brands no longer used by the company:

• National (consumer electronics for the Japanese market, not used since 2008);
• Quasar (cheap consumer electronics for the North American market, not used since 2008);
• Ramsa (professional audio equipment, not used since 2008).

Performance indicators

Main Article: Panasonic Financial Performance

2021: Revenue decline by 11%, to 6.69 trillion yen, profit - by 27%, to 165.1 billion yen

Panasonic's revenue for fiscal 2021 amounted to 6.69 trillion yen (about $63 billion at the exchange rate as of May 11, 2021 of the calendar year), which is the lowest value in 25 years. Compared to 2020, sales decreased by 11%.

In the household appliances division, Panasonic's annual revenue decreased by 4%, to 2.49 trillion yen. Sales in Life Solutions and Connected Solutions fell by 21% (to 1.5 trillion and 818 billion yen, respectively). The turnover in the automotive technology business decreased not so much, but also significantly - by 10%, to 1.34 trillion yen. In the direction of industrial solutions, a 2 percent decline in revenue was registered, to 1.26 trillion yen.

Panasonic's net profit in 2021 amounted to 165.1 billion yen, which is 27% less than a year ago. The financial downturn in the company was associated with the consequences of the COVID-19 coronavirus pandemic, due to which the cost of Panasonic products was reduced in the world.

Amid the challenges faced by the Japanese electronics maker, it has begun stepping up cost-cutting efforts and reorganisation measures to ensure profit growth. The company is counting on growing numbers despite chip shortages and the COVID-19 coronavirus pandemic.

According to Reuters, the economic recovery that has begun after large-scale lockdowns is spurring demand for equipment and components manufactured by Panasonic, including batteries for electric cars. The company is looking to meet growing demand for such battery plants in key markets such as the United States and China, thanks to a decade-long partnership with Tesla that has finally begun to turn a profit.

Over a 12-month period, by May 10, 2021, Panasonic's market capitalization grew by 57.3%, to 2.96 trillion yen.^[2]

2020: Global Air Conditioner Market Share - 3.9%

Sales of home air conditioners in the world at the end of 2020 reached 153.5 million units, down 6.1% compared to 2019. The fifth place in the market went to Panasonic, its share - 3.9% (data from Euromonitor International UK). Read more here.

History

2022

Ransomware virus attack. 2.8 GB database stolen

In a statement, Panasonic said it was already the victim of a "targeted cyber attack" in February 2022 that affected some of its systems, processes and networks.

We took immediate action to address the issue with the help of cybersecurity experts and our service providers, Panasonic spokesman Airi Minobe said. - This included determining the scale of impact, localizing malware, ON cleaning and restoring servers, restoring applications, and communicating promptly with affected customers and relevant authorities

Conti ransomware-as-a-service (RaaS) claimed responsibility for the attack, according to VX-Underground, a research group that collects and analyzes malware samples. RaaS groups typically lease their infrastructure to work with ransomware to others in exchange for a percentage of the ransom proceeds. The gang, which previously attacked Fat Face, Shutterfly and the Irish Health Service, claim to have stolen more than 2.8 gigabytes of data from Panasonic Canada. Conti has released a leak page that claims to contain internal files, spreadsheets and, apparently, documents belonging to Panasonic's human resources and accounting departments.

Panasonic did not dispute that the incident occurred as a result of a ransom software attack. The company declined to say what data was in the public domain and how many people were affected by the attack, but said only its Canadian units were affected by the incident.

After confirming the fact of the attack, we worked hard to restore operations and understand the consequences for customers, employees and other stakeholders, Minobe added. Our top priority is to continue to work closely with affected parties to fully mitigate any impact of this incident.

This is not the first time Panasonic has faced cyber attacks. In November 2021, the company admitted that its network was "illegally infiltrated by a third party" and that "during the invasion, some data was accessed on the file server." Two months later, Panasonic reported that hackers had gained access to the personal information of job candidates and interns.

In addition, the Indian division of Panasonic suffered from malicious ransomware, which led to hackers leaking four gigabytes of data, including financial information and email addresses.^[3]

Panasonic invests in software and batteries for electric vehicles $4.89 billion

In early April 2022, Panasonic will invest $4.89 billion in electric vehicle batteries, hydrogen power, job digitization and supply chain software. The Japanese multinational changed its strategy, which had been in place since 1918.

The investment is planned to be spent from 2023 to 2025. Of the total, $3.2 billion will go to growth areas such as supply chain software and car batteries, and $1.6 billion to technological pillars, including hydrogen power and cyber-physical systems. Regarding the remaining funds, at least some of these funds will be directed to supply chain software. Methods for eliminating waste will be honed by collecting data that is analyzed and used to fine-tune operations.

CEO Yuki Kusumi said at an online news conference that Panasonic wants to improve battery performance and safety while reducing costs, and that mass production of 46mm electric vehicle (EV) batteries, known as 4680, will begin in 2024 at Japan's Wakayama plant.

Tesla uses 4680 batteries, which in terms of capacity are five times larger than their predecessors, and Panasonic remains the car company's main partner in producing the battery. While the Wakayama plant is expected to play a key role in battery production.

As part of a general strategy shift, Panasonic plans to change its structure and become a holding company, which became official information in April 2022. The concept was slated for 2020, in the footsteps of similar moves by rival Sony. Panasonic said the changes were not made to reduce costs, but to ensure greater autonomy for divisions within newly structured subsidiaries. However, Panasonic's subsidiaries are expected to pool their resources to develop new initiatives.^[5]

Stealing Job Applicants and Business Partners

On January 7, 2022, Panasonic management announced that during the investigation it was found that a file server hack in Japan occurred through a foreign branch server. The company said that information about job candidates and internship employees, including personal data, were compromised as a result of the hack. The server also contained business information, including business-related information provided by business partners, as well as some data collected within the corporation.

Panasonic for January 2022 continues to analyze the problem and report it to affected business partners on a case-by-case basis. The company noted that there was no consumer-related information on the server with illegal access. The company's management noted that the company took additional security countermeasures, including strengthening access control from abroad, resetting the corresponding passwords and strengthening access control to the server.

The company also pledged to continue to improve its information security measures, including strengthening the monitoring, control and security of its networks, servers and personal computers in all its global operations. Given the fact that access was obtained through a subsidiary, it can be assumed that user login data was obtained from Panasonic India.

Reports that hackers gained access to Panasonic networks and personal information of job candidates and interns are worrisome, given the consequences if the data falls into the wrong hands. Organizations need to implement robust recruitment and dismissal processes for employees and affiliates who can access key information systems. It is very important to control privileged access and monitor those who enjoy these administrator privileges, "said Danny Lopez, chief executive of Glasswall Solutions.

Gal Helemsky, chief technologist and co-founder of authorization and access control solutions provider PlainID, noted the fact that internal credentials were most likely involved in the data breach. Helemsky also added that companies must adopt a zero-trust approach, which means not trusting anyone, even known users or devices, until they are verified and validated. An access policy and dynamic authorizations are a critical part of the zero trust architecture, these rules help verify who is requesting access, the context of the request, and the risk of the access environment.

The company noted that they closed the possibility of illegal access to their file servers from the outside by an unauthorized attacker. Panasonic also hired third-party information security specialists to investigate the incident and analyze the amount of leaked customer data and confidential information.^[6]

Introduction of a four-day work week

In early January 2022, Panasonic announced the introduction of a four-day work week to combat overwork of its employees. Thus, the Japanese company joined the growing trend in the country of encouraging a good work-life balance.

Panasonic employees can work four days a week while maintaining their previous salaries at will. Employees got the opportunity to earn extra money on the side and spend time on local volunteer work on their extra weekends. The move by Panasonic's management is in line with the actions of technology companies around the world, which are trying to attract talented employees in the difficult conditions in the labor market, offering a shorter working week.

Our responsibility is to strike the perfect balance between work style and lifestyle for our diverse human capital. In the Japanese society, with its relatively small difference in income, developed economies and an effective health care system, there is a consensus that the country needs to reduce working hours in light of citizens' understanding of the injustice and inefficiency of long working weeks, said Panasonic Chief Executive Officer Yuki Kusumi.

In Japan, a group of lawmakers is debating a proposal by January 2022 to give workers one day off in addition to two days off a week to protect their well-being. But companies allowing a four-day week are still a minority, namely just over 8% of Japanese firms offer more than two guaranteed days off, according to a survey by Japan's labor ministry.

Drugmaker Shionogi, which is developing an oral drug for coronavirus infection (COVID-19), will provide the option of three days off a week from April 2022. Yahoo Japan and Sompo Himawari Life Insurance also provide four-day weeks to employees caring for children or aging relatives.^[7]

2021

Server hacking

At the end of November 2021, Panasonic admitted hacking its own systems and leaking internal data. Unidentified cybercriminals managed to gain access to the Japanese giant's internal network, according to an official report from the company.

Employees of the company recorded the fact of hacking the system on November 11, 2021. After an internal investigation, it became clear that hackers gained full access to the databases stored on the Panasonic file server. The statement from Panasonic does not have a large set of details, but in the local publications Mainichi and NHK, there is information that the attackers have reached confidential data, namely: personal information about the company's customers, personal data of employees, internal technical information and corporate data, as well as information about Panasonic business partners.

After detecting unauthorized access, the company immediately reported the incident to the relevant authorities and took countermeasures on the information and technological security of its own infrastructure, including measures to prevent external access to the network. We cannot predict whether this will affect our business or performance, but we do not rule out such a development, "said Panasonic CIO Hajime Tamaoki.

In addition, the publications indicate that the hackers lasted more than three months on the Panasonic internal network from June 22 to November 3, 2021, after which they were discovered by information security specialists. The hack itself was revealed only with an analysis of the company's internal network traffic and the detection of atypical requests that show abnormal network activity, for example, accessing network addresses or ports atypical for a given user, as well as sharply increased traffic. It is worth noting that in March 2021, Panasonic signed an agreement with McAfee, a cybersecurity company, to create an operational security center focused on combating cyber attacks.^[8]

Completion of the acquisition of Blue Yonder

Panasonic Corporation on September 21, 2021 informed TAdviser about the completion of the acquisition of Blue Yonder, a developer of integrated digital platforms for logistics and fulfillment. Read more here.

Sale of the entire stake in Tesla for $3.6 billion

On June 25, 2021, Panasonic announced the sale of its entire stake in Tesla. The Japanese corporation withdrew from the share capital of the American automaker during the fiscal year, which ended on March 31, 2021. Read more here.

Purchase of supply chain management software provider Blue Yonder for $7.1 billion

At the end of April 2021, Panasonic announced the purchase of American supply chain management software provider Blue Yonder from Blackstone Group and New Mountain Capital. The deal is expected to accelerate Panasonic's software business. Read more here.

2020

Revenue drop of 6% due to COVID-19

In fiscal 2020, Panasonic received revenue of 7.49 trillion yen ($69.8 billion), which is 6% less than sales a year ago. The company linked this decline to the effects of the COVID-19 coronavirus pandemic, as well as changes in the product portfolio and lower investment in China.

The direction for the production of household appliances in the 2020 reporting year brought Panasonic revenue of 2.59 trillion yen, which is 6% less than a year earlier. This decline was largely due to declining sales of equipment used in smart home systems. At the same time, the company noted a surge in sales of air conditioners.

On the supply of automotive solutions, Panasonic earned 1.48 trillion yen in 2020, which is 3% less compared to the previous year. The company noted that the outbreak of coronavirus hurt the automotive industry, and the expansion of capacity for the production of batteries did not make it possible to compensate for this negative factor.

The industrial solutions division showed a 10 percent decline in turnover, to 1.28 trillion yen. Annual sales at Life Solutions and Connected Solutions fell 6% and 8% to 1.91 trillion yen and 1.04 trillion yen, respectively.

Panasonic ended the 12-month reporting period, closed on March 31, 2020 calendar year, with a net profit of 225.7 billion yen ($2.1 billion). This is 21% more than a year earlier. According to the Japanese manufacturer, profits decreased due to restructuring costs.

One of the stages of this restructuring in 2020 was the gradual abandonment of the production of LCD displays by 2021. The company tried to respond to "tough competition and evolution" of the business, but concluded that further work in this market would be unprofitable, the Japanese vendor said in a statement.^[9]

Appointment of Yuki Kusumi as CEO of Panasonic

In mid-November 2020, Panasonic appointed Yuki Kusumi as its next CEO. Thus, on April 1, 2021, Kusumi will replace the current director Kazuhiro Tsuga. Read more here.

Creation of a venture capital fund to invest $150 million in AI and digital medicine

On September 15, 2020, Panasonic announced the creation of the venture capital fund Conductive Ventures II. Its volume is $150 million. Read more here.

Support for SkyDrive Inc.'s unmanned flying electric vehicle development project

On August 19, 2020, it became known that the The Japanese corporation Panasonic , in partnership with other Japanese and international companies, supported a project to SkyDrive Inc. create a flying one, autopiloted electric transport which in the foreseeable future should make flights a new form of urban mobility. More. here

Plans to invest $75m in 5G equipment

On June 23, 2020, it became known that it Panasonic intends to increase the production of materials used in the production of equipment for wireless 5G networks. Anticipating a sharp increase in demand for such solutions in, the China the Japanese corporation intends to invest about 8 billion yen (75 million) US dollars in the expansion of its plant in Guangzhou. The first lines should begin work in the fall of 2021, while the productivity of the enterprise will increase by 50%.

According to the Fuji Chimera Research Institute, China accounted for about 40% of global investment in base station development in 2019. And although during the trade conflict between the United States and China, Washington tightened the ban on the supply of semiconductors and other high-tech products to Huawei, Panasonic does not yet expect a serious impact on its printed circuit board business.

The Japanese corporation will increase the production of boards and self-adhesive strips using special resins for attaching copper foil. Panasonic's developments significantly less affect the 5G signal, without weakening it in contrast to the traditional materials used in the production of electric stoves. They are also easy to use and suitable for the production of multilayer printed circuit boards.

Panasonic expects that its products will also find application in the production of antennas of fifth-generation base stations, as well as servers and routers. The corporation produces similar components and materials in Japan and Taiwan, but decided to start increasing production in a market that looks the most promising.

Allocation of 200 million yen for the development of vaccines against COVID-19

On May 20, 2020, it became known that the Japanese technology corporation Panasonic will support the research and development of drugs and vaccines against COVID-19, which is being conducted by Osaka University, Osaka Prefecture and a number of other organizations for May 2020. Panasonic has allocated 200 million yen to support the project. Read more here.

Prime Planet Energy & Solutions Announcement - Joint Venture with Toyota

On February 3, 2020, TAdviser became known that the Japanese corporations Toyota Motor Corporation and Panasonic Corporation announced the creation of a joint company Prime Planet Energy & Solutions, Inc., specializing in the production of prismatic lithium-ion batteries for cars. Read more here.

2019

Collusion in HP Drive Sales

In early January 2020, HP Inc. sued $439 million from Taiwanese drive supplier Quanta Storage for conspiring with Samsung, Sony and Panasonic to inflate prices. The US court ruled to make up for the losses that HP suffered as a result of these frauds in triple amounts. Read more here.

Sale of Nuvoton semiconductor business for $250 million

In late November 2019, Panasonic announced the sale of the semiconductor business to Taiwanese company Nuvoton Technology. With this deal worth $250 million, the Japanese giant continued to get rid of unprofitable assets in order to optimize costs.

Panasonic's division, which buys Nuvoton, is developing power controllers and sensors for smartphones, cars and security cameras. Earlier in November 2019, part of this business was sold to the Japanese company Rohm.

The perimeter of the Nuvoton deal included the sale of the entire joint venture, 51% owned by Tower Semiconductor and 49% owned by Panasonic.^[10]

Panasonic sold semiconductor assets as part of a strategy to reduce its fixed costs by 100 billion yen (920 million) dollars by the financial year, which ends at the end of March 2022.

Panasonic has tried unsuccessfully to give new impetus to its microchip business, including by partnering with automakers and supplying components to drive battery systems on electric vehicles.

2018

Leading Europe's Secure Mobile Market

Panasonic Corporation, according to the latest market analysis conducted by the international research company VDC Research, has become the leading manufacturer of secure mobile devices in Europe. Thus, the market share of protected laptops Panasonic Toughbook was 57%, protected tablets Panasonic Toughpad - 56%, Panasonic reported on November 29, 2018.

Now the company is targeting a segment of secure mobile devices with a screen diagonal of 5 inches or less, also known as data collection terminals (shipping documentation). Here, several innovative Panasonic products for fast-growing sectors of the economy have already entered the market.

After major consolidation, the secure shipping documentation market is growing at about 4% per year, thanks to the actively developing retail, manufacturing, transportation and logistics sectors, said David Krebs of VDC Research. - The entry of Panasonic, the leader in secure tablets and laptops, into the secure handheld market can greatly expand the capabilities available to both end users and solution providers.

As of November 2018, handlers already occupy more than a third of the Panasonic line.

Moving European headquarters from London to Amsterdam

At the end of August 2018, it became known about the transfer of the European headquarters Panasonic from London Amsterdam. The Japanese company fears tax problems related to the planned exit of Britain from. European Union

In a conversation with the Nikkei newspaper, the head of Panasonic's division To Europe in Laurent Abadie said that the company had been discussing the decision to change its head office in the region for 15 months.

The London office employs 20-30 people. 10-20 audit and finance staff will move to the Netherlands. Only employees working with investors will remain in London. The move is scheduled for October 2018.

According to Laurent Abadie, moving the European headquarters to Holland will allow the company to avoid problems with the movement of people and goods.

Earlier, their European headquarters promised to transfer from Britain to various EU countries many large international corporations that fear the country's exit without a free trade agreement. In this case, they will lose unhindered access to the European market.

In 2016, Britain announced that it would reduce corporate tax, which by the end of August 2018 is 20%, in order to keep international corporations in Britain after the country leaves the EU.

In addition to Panasonic, other Japanese manufacturers are not too willing to take business out of Britain in response to Brexit, although some Japanese insurance and financial companies, including Nomura Holdings, Daiwa Securities, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, have already done so, Nikkei notes. The European market accounts for about 10% of Panasonic's revenue.

According to approximate estimates, by the end of August 2018, 879 Japanese companies (among them Honda and Nissan) operate on the British market with a total staff of 142 thousand people.^[11]

2017

Start of sales of hydrogen heating systems

In June 2017, Panasonic announced sales of hydrogen heating systems for residential buildings in the UK and Austria. This is an attempt by the company to strengthen its leading position in this sector and take a big step towards using hydrogen as the fuel of the future.

Panasonic's partner in the project was the German company Viessmann Group. Sales of hydrogen-based heating systems will begin in August 2017, according to Panasonic Smart Grid Marketing and Sales Manager Shinsuke Morita.

Hydrogen fuel cells will become a fundamentally new method of supplying energy to residential buildings. The system operates on the basis of natural gas, which is supplied by a local gas supply company and pumped into fuel batteries. The processor in such batteries processes natural gas into hydrogen. By connecting, hydrogen and oxygen begin to produce electrical energy. Excess heat generated provides the home with hot water.

In 2014, Germany became the first foreign market to enter Panasonic with its fuel batteries. This became possible thanks to the company's partnership with the German heating equipment manufacturer Viessmann. In 2016, about 1,000 fuel batteries were sold in Germany, and most were equipped with the Panasonic system.

Shinsuke Morita said the company plans to sell tens of thousands of such products in Europe by 2020.

In Japan, Panasonic has sold approximately 200,000 residential fuel batteries since 2009. Toshiba previously announced it would stop producing fuel batteries for homes after selling an estimated 80,000 units of those products.

Toshiba's exit from the sector left Panasonic and Aisin Seiki Co. the only residential fuel battery suppliers in the Japanese market.^[12]

Expansion of the scientific base

On April 24, 2017, the Panasonic press service announced plans to hire 1,000 engineers to participate in research and development in the field of artificial intelligence (AI) and the Internet of Things (IoT).

The company's plans are based on the vision of AI and IoT as growth drivers and extend over the next five years.

The development and promotion of Panasonic AI technologies will be implemented by the business innovation division, which was created on April 1, 2017^[13].

Currently, Panasonic's AI projects employ about 100 of the company's engineers. In the next two years, their number is supposed to be increased to 300, and in another three years - to 1 thousand people. Esiyuki Miabe, Director, Business Innovation Division

This scientific group will not be limited to the development of technologies for household appliances with elements of artificial intelligence. Among the tasks is to find the company's growth drivers. Smart homes, automotive, electronic devices and other Panasonic businesses can benefit from AI and IoT technology. The research results are planned to be combined with existing developments.

According to Panasonic, the scale of the business will be tens of billions of yen, and the created division will become one of the fundamental elements of the corporation.

2014: Development Areas: Smart City, Smart Home, Technology for Cars

"Smart" city of Fujisawa

An example of solutions is the "smart" city of Fujisawa in, Japan whose construction began in 2011. The city is designed for 1000 households, the first residents entered their homes most recently - in August 2014. In a unique smart city, eco technologies and complex solutions Panasonic have found their widespread use. Each house has Panasonic Smart Energy management systems, which consist of solar panels storage batteries, as well as a smart platform for electronic control and energy distribution. Also video surveillances , Panasonic cameras are installed in all houses, and electric vehicle and electric bicycle stations are installed in several points of the city.

Smart platform for controlling electricity and network control of electronic devices at home

Panasonic provides developers of high-tech residential neighborhoods with a comprehensive platform for controlling electricity costs, ensuring safety and control of all electronic equipment at home: fire safety, surveillance cameras, power batteries, electrical appliances, etc. The Wii box control panel is the heart of all network communications at home. It is connected to all home devices over a mobile channel and broadband. You can set the automatically working scenario: heating batteries temperature, time to activate/deactivate the alarm of the front door, turn on the light at nightfall. The system adapts flexibly to external conditions - if it is hot outside, it reduces heating inside the room, etc. Also, remotely through a smartphone, you can check whether the door is closed, whether the alarm is on, whether the sockets with electrical appliances are turned off.

Automotive Sensor Safety Systems

Another new development of Panasonic is special traffic safety sensors that are installed both inside the car and along the road - in places where there is a high likelihood of a dangerous situation. For example, if a car stops at an intersection and part of the road is not visible to it due to other vehicles, special sensors inside the car and outside at the intersection will exchange information and "inform" about the danger - the appearance of a pedestrian, cyclist or motorcyclist. Information about the potential threat is displayed on a screen inside the car, and the driver can respond to it in time.

2012: Restructuring

Panasonic, which received a record net loss of $9.7 billion in fiscal 2011, plans to halve the number of office workers from the current 7,000. Most of the reduced will be sent to an early pension. Japanese electronics manufacturers are suffering from a high yen exchange rate and competition with foreign giants such as South Korea's Samsung Electronics.

Panasonic Corporation intends to sell its main office building in Tokyo by the end of March 2013. The management of the corporation took such a step, struggling with heavy financial losses, Reuters reported in December 2012 . Relevant negotiations are being conducted with various financial institutions. After the sale of the office, the company plans to rent part of the space in it.

In the building built in 2003. taking into account the latest energy-saving technologies, 2 thousand employees work. Panasonic is Japan's largest commercial employer. Earlier, Panasonic Corporation said that it would have a net loss of almost $10 billion for the second year in a row. The financial report for the first half of the 2012-2013 financial year states that the net loss for the whole year (until March 2013) may amount to 765 billion yen (9.6 billion dollars).

Thus, the loss for the current financial year will be the second largest in the history of the company after a record loss of 772 billion yen a year earlier.

In July 2012 Panasonic predicted that at the end of the 2012-2013 financial year it will receive a net profit of 50 billion yen ($630 million). The revision of the forecast from profit to loss is related to the write-down of so-called deferred tax assets (income tax), which were formed as a result of Panasonic losses over the past few years.

Since the company now does not expect an imminent return to profitability, it was required to write off some of the deferred tax assets in accordance with the requirements of the US GAAP statements.

In November 2012 The international rating agency Fitch Ratings downgraded the issuer's ratings and Panasonic's long-term ratings of priority unsecured debt to BB with BBB-. The ratings were lowered amid the company's declining competitiveness in the key segment, namely in the production of TVs and panels. At the same time, Fitch notes that Panasonic is moving in the right direction by launching a number of business restructuring programs.

2011

Japan earthquake: Three factories hit

In March 2011, the CEO of the company, Junichiro Kitagawa, noted that as a result of the earthquake in Japan, three factories of the company were damaged, which may affect the sale of digital devices ^[14] = 2011-3-30}}.

Sponsorship of the Olympic Games, Racing and Football Comange

Panasonic is the general sponsor of the Olympic Games in the field of video audio until 2016.

Panasonic was the main sponsor of the Toyota F1 project, also known as Panasonic Toyota Racing. Hiro Matsushita, the grandson of the company's creator - a former racer - was heavily involved in the project.

Panasonic is also the owner of Japanese soccer team Gamba Osaka.

2009: Merger with Sanyo Electric

On December 10, 2009, a merger agreement was signed with Sanyo Electric Co. ^[15] = 2009-12-10}} The purchase of a 50.19% stake in Sanyo cost Panasonic 404 billion ^[16]

2008: Renamed Panasonic Corporation

2008 - From October 1, 2008, Matsushita Electric Industrial Co., Ltd. changed its name to Panasonic Corporation. All brands of the company whose names included the names Matsushita or National were subject to renaming. Along with the name change, the company is working on a full National brand transition to Panasonic in Japan, due to be completed by March 2010.

2007

Sale to JVC

2007 - The company sold a controlling stake in JVC to a group of investors.

328 thousand employees

The total number of personnel is 328 thousand people (March 31, 2007).

2002: Panasonic's Share Dynamics in the Cell Phone Market

Mobile phone and smartphone sales leaders from 1992 to 2018 in animation below.

2000s: Sanyo takeover, move to single brand - Panasonic

• 2001 - Panasonic releases Nintendo GameCube ("Q" in Japan) using DVD
• 2002 - Technics products sold in the United States and Europe renamed Panasonic
• 2003 - the world brand and motto - "Panasonic. Ideas for life.». Although the company used the Panasonic and National brands for a long time, it was in 2003 that it was decided that the Panasonic brand would become global to increase competitiveness in the global market along with the slogan - "Panasonic ideas for life."
• At the beginning of December 2006, the company's capitalization following trading on the Tokyo Stock Exchange was $46.58 billion. In 2006, a class action lawsuit was filed over the advertising's lifetime of lamps in projection televisions with the following model numbers: PT-50LC13, PT-60LC13, PT-50LCX63 and PT-60LCX63.

1970s: VHS cassette sales start

• 1977 - The beginning of the sale of VHS videotapes.
• 1979 - The legendary vinyl hi-fi player Technics SL-1200 MK2 was released, which later became the world standard in the DJ industry.
• 1983 - Home computer release Panasonic JR-200
• 1986 - The beginning of the use of the Panasonic name as a trademark in Japan
• 1987 - the beginning of the production of bakery^[17]
• 1989 - the beginning of a large-scale reform of technological departments
• 1990 - renaming consumer electronics under the National brand, to Panasonic (in Japan)
• 1993 - Panasonic's attempt to profit in the video game market with its 3DO Interactive Multiplayer game console; strong competition from Sony PlayStation prevented this console from developing and its release was completed at the end of 1995
• 1993 - Canceling the joint venture agreement with Philips and changing the contract to a closed license regime
• 1994 - creation of a joint venture between Panasonic Shun Hing Industrial Sales (Hong Kong) Co., Ltd and Panasonic SH Industrial Sales (Shenzen) Co., Ltd in China with Shun Hing Electric Works (Hong Kong); Shun Hing brand - Rasonic - becomes Panasonic-controlled
• 1997 - creation of a group consolidation policy that led to a decrease in subsidiaries

1960s: Developing the VHS standard for household video

• Since the beginning of the 60s of the XX century, the company owned a controlling stake in JVC (Victor Company of Japan, Limited), the developer of the VHS consumer video standard.
• 1965 - putting into operation weekly two-day days off for workers; adoption of a new trading system that reduces the number of links involved in the sale process

1950s: the start of cooperation with Philips, the creation of the Panasonic brand

• 1952 - The founding of Matsushita Electric Industrial Company, in technical cooperation with the Dutch company Philips Electronics; construction of a new plant and further development
• 1954 - Cooperation with JVC begins
• 1955 - The Panasonic brand was created by Matsushita in 1955. It was intended for use in the United States, Canada and Mexico (it was originally planned to use the National trademark, but it was already registered by others). The name Panasonic was formed from the ancient Greek word "pan," which means "everything" and the Latin "sonic" - "sound," since at first this trademark was used for audio equipment.
• 1957 - creation of an effective National Shop system - a retail network designed to sell goods under the National brand

1918: Matsushita Electric Factory founded

1918 - Matsushita Electric Factory was founded by Japanese businessman Konosuke Matsushita. Since its formation in 1918, the company has been known as Matsushita Electric Housewares Manufacturing Works

1946: Restrictions placed on the company after World War II

In 1946, restrictions were imposed on the company by the Allied Powers General Headquarters.

1941: The beginning of the production of military products: ships and aircraft

In 1941, the company began production of military products; production of ships and aircraft from wood.

1927-1935: National Trademark Launch

• 1927 - National trademark is presented.

• 1929 - Name changed to Matsushita Electric Manufacturing Works.

• 1931 - production of radios began

• 1932 - acquisition of a patent for the creation of radio equipment and its free provision to other Japanese manufacturers, as a contribution to the development of the electronics industry in Japan

• 1933 - adoption of a company separation system; construction of a large factory in Kadoma, Osaka Prefecture; transfer of production to a new plant

• 1935 - restructuring of Matsushita Electric Industrial Company; creation of Matsushita Electric Works subsidiary. The company has been called Matsushita Electric Industrial Co., Ltd. since 1935, when it became a joint stock corporation.

Notes