Matsushita to Move Air-Conditioner Production Base to Philippines
Jan 21, 2003
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Japanese manufacturer Matsushita Electric Industrial Co. Ltd. will make the Philippines its production base for air conditioners starting this year, the Philippine government said Tuesday.
Trade and Industry Secretary Manuel Roxas said in a statement Matsushita will transfer all of its operations for window-type air conditioners to the Philippines from Malaysia early this year.
Matsushita told the government that overseas shipments from its four Philippine units would increase to nearly 60 percent of its total turnover by 2005 from 41 percent in 2002.
Matsushita, which owns the National and Panasonic brands, is said to generate more than 40 billion pesos (U.S. $749 million) in gross sales annually.
The company's move is expected to raise the country's share of its Asian production, which is currently 9 percent compared with Malaysia's 31 percent share and Singapore's 30 percent share. (Dow Jones)
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