OSAKA, Japan--()--Panasonic Corporation (NYSE:PC)(TOKYO:6752)( "Panasonic") announced that IPS Alpha Technology, Ltd. ("IPS Alpha"), a subsidiary manufacturing LCD panel, will change the company name and take over IPS Alpha Technology, Himeji, Ltd. ("IPS Alpha Himeji"), and IPS Alpha Support Co., Ltd. ("IPS Alpha Support")* as of October 1, 2010, through a resolution that was approved at the Board of Directors held on today.
* As of June 30, 2010, IPS Alpha Support was established by a corporate split of Hitachi Displays, Ltd. ("Hitachi Displays"), and assumed the entire shares of Hitachi Displays shareholding of IPS Alpha. On the same day, Hitachi Displays transferred 94% shares of IPS Alpha Support to Panasonic. As a result of these transactions, Panasonic effectively acquired 92% shares of IPS Alpha, adding to its existing shareholdings.
|1.||Basic information of the subsidiary|
|Company Name||IPS Alpha Technology, Ltd.|
|Principal Office||3732, Hayano, Mobara-shi, Chiba, Japan|
|Representative||Fumiaki Yonai, President|
|Principal Lines of Business||
Design, manufacture, sales, and related maintenance & services of large-sized LCD TV panels
|Capital Stock||50.2 billion yen|
|2.||New company name|
|Panasonic Liquid Crystal Display Co., Ltd.|
|3.||Reason for company name change|
The purpose of this name change is to unify the strategy of LCD panel business on a global scale as a Group. LCD panel is a key material of flat-panel TVs, and Panasonic positions LCD panel business as a core business of the six key businesses on Panasonic Group.
|4.||Effective date (planned)|
|October 1, 2010|
(The change will be submitted for and subject to approval at its extraordinary meeting of shareholders.)
As of October 1, 2010, IPS Alpha Himeji, and IPS Alpha Support are integrated to Panasonic Liquid Crystal Display Co., Ltd. with an aim to realize the unified and effective management system. Moving forward, Panasonic will implement its growth strategy for LCD TV panel business and strengthen global competitiveness to enhance its flat-panel TV business, which is a core business of Panasonic group's six key businesses.
The principal office and the representative of Panasonic Liquid Crystal Display Co., Ltd. are as follows.
1-6, megahida-cho, shikama-ku, Himeji-shi, Hyogo, Japan
|Representative||Shigeto Suzuki, President|
About Panasonic Corporation
Panasonic Corporation is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of 7.42 trillion yen (US$79.4 billion) for the year ended March 31, 2010. The company's shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE:PC) stock exchanges. For more information on the company and the Panasonic brand, visit the company's website at http://panasonic.net.