According to the Mainichi Daily News, Matsushita has decided to close its Panasonic AVC Networks Germany GmbH division at the end of March of 2007.
Japanese electronics maker Matsushita Electric Industrial Co. said Tuesday it plans to close operations at its Panasonic AVC Networks Germany GmbH unit at the end of March 2007 due to increased global competition and sharp price declines.
The division was primarily responsible for manufacturing and product development for the European DVD recorder market.
While DVD recorder development will be shifted to Japan, production will continue at the Matsushita's Panasonic AVC Networks Slovakia s.r.o. subsidiary. If you'd like to read more, the entire article can be found here.
