Matsushita Electric Industrial, best known for its Panasonic brand, recently announced that the company will change its company name to 'Panasonic Corporation' effective October 1, 2008. The company will also unify its corporate brands to the 'Panasonic' brand across the world.

The change will be submitted for and subject to approval at its ordinary general meeting of shareholders to be held in late June this year. Upon a company name change, the company will undertake its brand name change from the 'National' brand, which is used for home appliances and housing equipment in Japan, to the 'Panasonic' brand by the end of fiscal 2010, ending March 31, 2010. Subsequently, the 'National' brand will be abandoned and the corporate brands in Japan will be unified to the 'Panasonic' Brand.

The timing to change the company name and unify its global brand coincides with its 90th anniversary this year, reveals the company’s press release. The new 'Panasonic Corporation' and its group companies worldwide will continue to run its business based on its founder Konosuke Matsushita's business philosophy known as 'A company is a public entity,' 'Customer-comes-first principle' and 'Start fresh everyday.' The company is currently operating its business under the GP3 mid-term management plan, which sets a direction toward making 'Global Excellence' of its corporate performance with three pillars, namely 'Global Progress,' 'Global Profit' and 'Global Panasonic.'