Panasonic plugs into its brand

Large Japanese appliance company Matsushita Electric has announced it would change its name to its best-known product brand, Panasonic. The company hopes to boost its global presence by consolidating all its brand names into one and using the same name for both company and product brand. This move follows in the footsteps of Toshiba and Sony, which have also changed names in the past based on brand recognition. Founded in 1918 by Konosuke Matsushita, Matsushita Electric is part of Japan's post-war economic miracle. Over the years it has produced goods under several brand names including National and Matsushita, as well as the globally recognised Panasonic. The name change is scheduled to take place in October, pending shareholder approval at the annual meeting in June.