Matsushita Closing UK Car-Speaker Plant

Company cites intense competition for closure.

Matsushita Electric Industrial Co. said Monday it plans to discontinue operations at Panasonic Electronic Devices U.K. Ltd. - PEDUK at the end of December, and to begin closing/liquidation procedures.

PEDUK is a manufacturing site in the U.K. of Panasonic Electronic Devices Co., Ltd., as well as a consolidated subsidiary of MEI.

PEDUK, which manufactures car speakers for European automobile manufacturers, has faced severe price declines due to intensified competition. This closing is a part of PED's global restructuring initiatives, and manufacturing of the car speakers is scheduled to be transferred to PED's overseas factories in Asia and Slovakia.

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