Panasonic Communications Imaging Corp. of the Philippines (PCIP) will close down its operations as part of Panasonic Holdings' overall business plan aimed at strengthening its global market position, an executive at the group's Philippine operations said.
PCIP will shut down operations by the end of this month, PCIP President Makoto Nakamura said.
The company, which has a production plant located in Laguna province south of Manila, produces plain paper copiers, multifunction printers, facsimiles ,and laser scanning units. PCIP was established in September 1995 and was the first to set up a plain paper copier plant in the country.
Mr. Nakamura said the business, certain assets, as well as liabilities and obligations to PCIP creditors and customers will be assumed by Panasonic Communications Corp. of the Philippines (PCP).
PCP makes and exports optical disc drives, DVD-ROM & CD-R/RW drives, various drives for notebook computers, and other products such as cooling fans.
PCIP and PCP are units of the Matsushita Electric Philippines Corp., which makes and distributes electric and electronic appliances with the Panasonic brand. It is the first Filipino-Japanese joint venture operation in consumer electronics in the country. (Dow Jones)
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