Panasonic to Launch In-House Company for Operations in China
Taipei, Nov. 12 (Jiji Press)--Panasonic Corp. <6752> will set up an in-house "company," or independent division, to supervise operations in China at the beginning of next April, Executive Officer Sadaaki Yokoo said on Monday.
The move is aimed at quicker decision-making and reflects the Japanese electronics group's "resolve to join full-blown competition" in China, Yokoo told reporters in Taipei.
In China, Panasonic initially enjoyed an advantage as the first foreign company to launch a joint venture for cathode ray tube television displays in 1987.
Since the 2000s, however, Panasonic has been struggling with sluggish sales in China, due to competition from Chinese and South Korean rivals.
The Japanese maker's share of the Chinese home electronics market is now below 10 pct, according to Yokoo.
[Copyright The Jiji Press, Ltd.]