About Panasonic Corporation of North America
Panasonic Corporation of North America's (PNA) products run the gamut of cool: from ultra HD TVs, to hip wearable digital cameras, and household air conditioners. The company oversees the North American operations of Japan's Panasonic, one of the world's leading electronics firms. PNA makes and sells consumer products (e.g., home and kitchen appliances, cameras, men's shavers), business products (scanners, phone systems), and industrial electronics products (computer components, semiconductors, appliance motors) under the Panasonic, Technics, and Quasar brands. The company also offers diverse services such as content management and creation, internet of things connectivity, engineering and design, project management, enterprise IT storage, and smart city planning.
Panasonic Corporation of North America's (PNA) parent company, Panasonic, announced a new mid-term strategy in 2019.
A review of its past three years showed declining profitability of the company's automotive and automotive cylindrical batteries businesses—which it had hoped would drive growth—due to high R&D expenses despite increasing sales. The review also found slowing returns from its consumer electronics and housing product—sectors which previously had reliably provided stable returns.
The company is looking to address those issues through three initiatives to reorganize its portfolio, reduce fixed costs to ¥100 billion, and leverage social transformation to provide customers with "Lifestyle Updates."
For the first initiative, Panasonic is reclassifying its business divisions as core growth (spatial, logistics, and industrial products), revitalization (automotive products), and co-creation (consumer electronics and housing products). Its plan calls for expanding its core growth businesses, increasing revitalization businesses' profits by focusing investments, and collaborating with other companies to improve competitiveness of its co-creation businesses. The company plans to grow its product offerings for office and living spaces (including lighting, security, and internet of things integration) and develop new products and consulting services to streamline industrial production and transportation. Panasonic has also partnered with Toyota to research new construction and town development methods.
The company is looking to reduce fixed costs by adopting "radical measures" for loss businesses and focusing on its more profitable operations. It also aims to "clarify responsibilities" for senior management.
In 2010 Panasonic pointed Joseph Taylor lead PNA. The selection of an American to run the company is seen as a sign that Panasonic wants its US arm to exercise more autonomy.
Panasonic and PNA are looking to put some distance between themselves and the worldwide financial crisis, which spelled trouble as consumer demand for their products plunged and price competition increased. Despite declining revenues in 2009 and 2008 -- and plummeting profits in 2009 -- the electronics giant continued to invest substantial sums in R&D to bring future generations of products to market.
Established in New York City in 1959, Panasonic Corporation of North America was known as Matsushita Electric Corporation of America until 2005 when its company name was changed to strengthen its connection to the brand.
TWO RIVERFRONT PLZ FL 11
Newark, NJ 07102-5490
Phone: 1 (201) 348-7000
Employer Type: Privately Owned
Chairman and CEO: Tom Gebhardt
Employees (This Location): 2,000
Employees (All Locations): 13,000
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