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Matsushita to Close Two Subsidiaries
Aug 28, 2003
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Matsushita Electric Industrial Co. said it will close two main electric motor manufacturing subsidiaries in Japan at the end of December for liquidation, and will aim to cut about 1,100 jobs in its motor business to have a workforce of around 800. The consumer electronics maker said it will move its motor manufacturing base to China, where labor costs are cheaper, in an effort to compete with Chinese and South Korean manufacturers launching price offensives. (Kyodo News)

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