Matsushita Electric Industrial Co., Ltd., best known for its Panasonic brand, announced plans to discontinue operations at its subsidiary Panasonic AVC Networks Germany GmbH (PAVCG) at the end of March 2007, after which it will begin closing/liquidation procedures.
PAVCG, mainly responsible for the manufacture and product development for the European DVD recorder market, currently faces ever-intensifying global competition and severe price declines. Under these circumstances, Matsushita decided this closing as part of the company's global restructuring initiatives in the DVD recorder business. Accordingly, future product development of DVD recorders for the European market will be shifted to Japan. Matsushita will continue production for the European DVD recorder market at Panasonic AVC Networks Slovakia s.r.o. (PAVCSK), its consolidated subsidiary and a manufacturing subcontractor of PAVCG.
to Daily News