Matsushita to axe Malaysian venture
Published: Jul 27, 2006 11:59 AM | Updated: Jan 29, 2008 10:21 AM
Japan's Matsushita Electric Industrial Co has announced plans to shut down a joint venture with Toshiba Corp in Malaysia making television parts with 2,162 workers.
Japan's Matsushita Electric Industrial Co has announced plans to shut down a joint venture with Toshiba Corp in Malaysia making television parts with 2,162 workers.
The company, MT Picture Display (M) Sdn Bhd, will halt business at the end of August after which it will be liquidated, Matsushita said in a statement.
The business, which manufactures cathode ray tubes for traditional style television sets for export to Japan and North America, has been squeezed by falling prices and a consumer shift to new flat panel televisions, the group said.
The joint venture made a net loss of RM969.42 million (US$263.47 million) in the year to March 2006, up sharply from a loss of US$158.37 million the previous year.
The company, MT Picture Display (M) Sdn Bhd, will halt business at the end of August after which it will be liquidated, Matsushita said in a statement.
The business, which manufactures cathode ray tubes for traditional style television sets for export to Japan and North America, has been squeezed by falling prices and a consumer shift to new flat panel televisions, the group said.
The joint venture made a net loss of RM969.42 million (US$263.47 million) in the year to March 2006, up sharply from a loss of US$158.37 million the previous year.
View Comments0