Making Panasonic Electric Works Co., Ltd. and SANYO Electric Co., Ltd. wholly-owned subsidiaries

President Sano of SANYO Electric (left), President Ohtsubo of Panasonic (middle),
and President Nagae of Panasonic Electric Works (right) joining their hands at the press conference in July 2010

In April 2011, Panasonic Corporation made Panasonic Electric Works Co., Ltd. and SANYO Electric Co., Ltd. wholly-owned subsidiaries.

At the business policy meeting in January 2010, President Ohtsubo announced Panasonic's 100th anniversary vision "Becoming No.1 'Green Innovation Company' in the Electronics Industry" and the full acquisition of these two companies was a part of the initiative to establish the foundation to realize this vision.

Specifically, on July 29, 2010, Panasonic, Panasonic Electric Works, and SANYO Electric respectively held a board meeting and passed a resolution promoting the full acquisition of Panasonic Electric Works and SANYO Electric by Panasonic through tender offer and share exchange. On April 1, 2011, Panasonic fully acquired both companies through tender offer and share exchange as scheduled.

In August 2010 after the full acquisition of the two companies was resolved, Panasonic launched the "Transformation Project" and undertook a group-wide business restructuring. Specifically, Panasonic Group businesses were reorganized from the customer's standpoint into three areas: "Consumer," "Solution," and "Device" to accelerate and maximize synergy generation.

The new organization based on this restructuring started in January 2012, a year after the full acquisition of the two companies.