Panasonic Corp announced the progress of the "Transformer Project," which is for restructuring the businesses and organizations of Panasonic, Panasonic Electric Works Co Ltd and Sanyo Electric Co Ltd.
The announcement was made Oct 29, 2010. Sanyo will become a wholly owned subsidiary of Panasonic in April 2011.
"We will announce specific structures and strategies in the first half of fiscal 2011, but we have almost finished developing a framework," Panasonic President Fumio Ohtsubo said.
The businesses of the three companies will be categorized into "Consumer," "Solution" and "Device," and nine divisions will be created in regard to products and services. The headquarters of the companies will be integrated in January 2012. Also, by streamlining overlapping businesses, Panasonic aims to achieve a synergetic effect worth an operating income of ¥60 billion (approx US$746 million) in fiscal 2012.
As for the mainstay consumer business, Panasonic puts priority on the reinforcement of its marketing power. Currently, the company has separate marketing divisions for Japan and other countries. But it will integrate them and focus on emerging countries where demands are growing.