Home appliance and conusmer electronics maker Matsushita Electric Industrial Co., Ltd. (MEI, known for its Panasonic brand, announced that it has resolved, at the board of directors meeting, to repurchase its own shares from its subsidiary Matsushita Electric Works, Ltd. (MEW).
MEI has resolved to repurchase 2,542,767 shares of its common stock from MEW, which MEI allotted in consideration of the value of the business divided and transferred to MEI.
Regarding the business division, on April 1, 2005, MEI succeeded the sales functions for the home appliances business of MEW.
