Aug 23, 2010
Panasonic to Change Company Name of Subsidiary (IPS Alpha Technology, Ltd.)
Osaka, Japan, August 23, 2010 - Panasonic Corporation (NYSE: PC / TSE: 6752, "Panasonic") announced that IPS Alpha Technology, Ltd. ("IPS Alpha"), a subsidiary manufacturing LCD panel, will change the company name and take over IPS Alpha Technology, Himeji, Ltd. ("IPS Alpha Himeji"), and IPS Alpha Support Co., Ltd. ("IPS Alpha Support")* as of October 1, 2010, through a resolution that was approved at the Board of Directors held on today.
* As of June 30, 2010, IPS Alpha Support was established by a corporate split of Hitachi Displays, Ltd. ("Hitachi Displays"), and assumed the entire shares of Hitachi Displays shareholding of IPS Alpha. On the same day, Hitachi Displays transferred 94% shares of IPS Alpha Support to Panasonic. As a result of these transactions, Panasonic effectively acquired 92% shares of IPS Alpha, adding to its existing shareholdings.
1. Basic information of the subsidiary
Company Name IPS Alpha Technology, Ltd.
Principal Office 3732, Hayano, Mobara-shi, Chiba, Japan
Representative Fumiaki Yonai, President
Principal Lines of Business Design, manufacture, sales, and related maintenance & services of large-sized LCD TV panels
Capital Stock 50.2 billion yen
2. New company name
Panasonic Liquid Crystal Display Co., Ltd.
3. Reason for company name change
The purpose of this name change is to unify the strategy of LCD panel business on a global scale as a Group. LCD panel is a key material of flat-panel TVs, and Panasonic positions LCD panel business as a core business of the six key businesses on Panasonic Group.
4. Effective date (planned)
October 1, 2010
(The change will be submitted for and subject to approval at its extraordinary meeting of shareholders.)
As of October 1, 2010, IPS Alpha Himeji, and IPS Alpha Support are integrated to Panasonic Liquid Crystal Display Co., Ltd. with an aim to realize the unified and effective management system. Moving forward, Panasonic will implement its growth strategy for LCD TV panel business and strengthen global competitiveness to enhance its flat-panel TV business, which is a core business of Panasonic group's six key businesses.
The principal office and the representative of Panasonic Liquid Crystal Display Co., Ltd. are as follows.
Principal Office 1-6, megahida-cho, shikama-ku, Himeji-shi, Hyogo, Japan
Representative Shigeto Suzuki, President
