Matsushita announces plans to discontinue operations at its subsidiary Panasonic AVC Networks Germany at the end of March 2007, after which it will begin closing/liquidation procedures.

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Panasonic AVC Networks (151 employees) mainly responsible for the manufacture and product development for the European DVD recorder market, currently faces ever-intensifying global competition and severe price declines. Under these circumstances, Matsushita decided this closing as part of the company’s global restructuring initiatives in the DVD recorder business. Accordingly, future product development of DVD recorders for the European market will be shifted to Japan. Matsushita will continue production for the European DVD recorder market at Panasonic AVC Networks Slovakia its consolidated subsidiary.