Matsushita To Take Panasonic Name

Matsushita Electric Industrial Co., the parent company of Panasonic, announced Thursday that it will, in effect, become its best-known product, changing its name to that of Panasonic later this year, the Wall Street Journal reported.

In a statement, the company said the move was “a step forward to make the company a truly global corporation.” The change will be submitted to shareholders for a vote in June.

In addition, the company announced that it was investing the equivalent of $856.3 million for semiconductor production in Japan.