By Chris Nicholls

TOKYO: Panasonic’s parent company in Japan, Matsushita Electric, has announced it will change its name to Panasonic Corporation, matching the company’s branding worldwide.

The change will occur in October this year, pending shareholder approval at a meeting in June. The move will also mean the disappearance of both the National and Matsushita brand names from appliances and other products on Japanese shelves.

Matsushita said in a statement on the company’s website that the group would now focus on improving the brand’s value in the marketplace.

Matsushita marks its 90th anniversary this year, and the company stated that the name change represented their drive to become a global brand, illustrated by their current mid-term ‘GP3 Plan’, which stands for ‘Global Progress, Global Profit, Global Panasonic’.