Matsushita Electric Industrial Co., Ltd. (Osaka, Japan) will discontinue operations at MT Picture Display (M) Sdn. Bhd. (MTPDM) in August 2006 and begin closing/liquidation procedures. MTPDM is a subsidiary in Malaysia of Matsushita Toshiba Picture Display Co., Ltd., a joint venture of MEI and Toshiba Corporation.
MTPDM manufactures cathode ray tubes (CRTs) for 21-inch to 32-inch TVs for markets in Japan and North American. CRT demand has declined globally as prices for LCD and plasma screen TVs dropped.
MTPDM was incorporated in 1990 and currently has 2,162 employees. Net loss for the Malaysian company was RM 969 million (approx U.S. $265 million) for the fiscal year ended March 2006, compared to a net loss of RM 158,365 (approx U.S. $43 million) for the fiscal year ended March 2005, and a net loss of RM 38,640 (approx U.S. $10.5 million) for the fiscal year ended March 2004.
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