BIZCHINA / Overseas Investment |
Electronics firm opens new unit(Shanghai Daily)Updated: 2007-04-03 14:12 Matsushita Electric Industrial Co, the world's largest consumer electronics maker, opened a unit in Shanghai yesterday to oversee and manage financial transactions for the company's subsidiaries in China. The unit is backed by 100 million yuan (US$13 million) in capital, said Akira Kadota, a Tokyo-based Matsushita spokesman. The subsidiary will manage surplus funds and gain loans for affiliates in the country, he said. In July, Matsushita formed a unit in the Netherlands to manage global foreign exchange transactions and cut as much as three billion yen (US$25 million) in costs a year, Bloomberg News reported. The Osaka, Japan-based company is cutting production and administrative costs
to counter falling television prices and raise its operating profit margin to
eight percent by March 2010, from five percent forecast for the year ended last
month. (For more biz stories, please visit Industry Updates) |
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