BIZCHINA / Overseas Investment

Electronics firm opens new unit

(Shanghai Daily)
Updated: 2007-04-03 14:12

Matsushita Electric Industrial Co, the world's largest consumer
electronics maker, opened a unit in Shanghai yesterday to oversee and
manage financial transactions for the company's subsidiaries in China.

The unit is backed by 100 million yuan (US$13 million) in capital, said
Akira Kadota, a Tokyo-based Matsushita spokesman. The subsidiary will
manage surplus funds and gain loans for affiliates in the country, he
said.

In July, Matsushita formed a unit in the Netherlands to manage global
foreign exchange transactions and cut as much as three billion yen (US$25
million) in costs a year, Bloomberg News reported.

The Osaka, Japan-based company is cutting production and administrative
costs to counter falling television prices and raise its operating profit
margin to eight percent by March 2010, from five percent forecast for the
year ended last month.

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