Dubai, 14 January 2009 - Electronics giant Panasonic has set an impressive global flat-panel TV sales target of 15.5-million units for the 2010 fiscal year, an increase of 50% from the current fiscal year.

"Panasonic will focus on improving the basic performance of flat-panel televisions such as energy-saving and faster response time for moving pictures using the Neo PDPs and IPS Alpha LCD panels," says Panasonic Marketing Middle East (PMM) Deputy General Manager, Taeko Danno.

"At the same time, the TV line-ups will be expanded with the number of basic models," she adds.

Danno says that the electronics manufacturer has historically enjoyed strong loyal customer support which has continuously ensured double digit growth in the Middle East.

Panasonic believes that there is much scope for growth in the Middle East markets, in spite of the global economic slowdown.  According to Danno, the company fully intends to capitalize on this potential for growth, and will continue focusing efforts on its customer-centric approach to reach its goal as the number one customer preferred brand in the region.  Danno explains that market penetration of flat-panel TVs in this region is relatively low compared to, for example, the European markets.  She says that the majority of consumers in the Middle East still own CRT TVs, which by implication present growth opportunities as these consumers begin to upgrade to flat-panels.

Panasonic's dedicated environmental consciousness by providing state-of-the-art technology that reduces carbon dioxide emissions, further places it at the forefront as a market leader.  Panasonic's Viera TVs boast universal designs that are unique to this manufacturer and is the epitome of energy-saving and eco-friendly products.  The company's plasma products, for example, are the only plasma products in the world that are truly lead-free.

Panasonic President Fumio Ohtsubo earlier this month told staff that the company needed to prepare for future growth by achieving bold structural reforms and strengthening the company's management structure.  In anticipation of this growth, and as a business measure to counter the current downturn in world markets, Panasonic had announced a reduction of capital investment in two of its television panel plants to 445-billion yen (down from an expected 580-billion yen).                                          

"However, in spite of the economic downturn and sluggish demand, Panasonic still remains the number one plasma manufacturer in the world and a leading player in the LCD TV market," according to Danno.

Further boosting its industry leadership position, Panasonic signed a capital and business alliance agreement in the last quarter of 2008 with SANYO.  In terms of the agreement, Panasonic aims to acquire the majority of voting rights of SANYO through a tender offer bid.  As a result, a collaboration committee was established to investigate, among other things, maximising the effect of synergies between both companies with a focus on the energy-related businesses with high growth potential, in particular.  The Energy Solutions business will be nurtured to become one of the pillars to support the company's future growth.

-Ends-

The Panasonic Corporation Inc is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of 9.07 trillion yen (US$90.52 billion) for the year ended March 31, 2008. The company's shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE:PC) stock exchanges. For more information on the company and the Panasonic brand, visit the company's website at http://panasonic.net. Panasonic Gulf FZE (PGF) is MEI's first subsidiary company in the Middle East, followed by Panasonic Marketing Middle East FZE (PMM), which is the regional marketing headquarters of MEI for operations in the Middle East and African countries.

For further information, please contact:
Ajit Nair
Corporate Communications Department
Panasonic Marketing Middle East FZE
P.O.Box 17985, Jebel Ali, Dubai, UAE
Tel: +971 4  8862142
Fax: +971 4 8862347
Web site: www.panasonic.ae

Phillip Vosloo
Account Director
Cicero & Bernay Public Relations
Phone: +971 4 334 2966
Mob: + 971 50 2844 570
Fax: +971 4 334 2977
Email: phillip@cbpr.ae
Web site: www.cbpr.ae 

© Press Release 2009