Japan's Matsushita Electric Industrial Company said today that it will change its name to Panasonic Corporation, seeking to draw on its best known brand to boost its international recognition.
The group also unveiled plans to invest about $857m to expand its semiconductor production facilities.
Matsushita's name change will take effect from October, provided that shareholders give their approval, the group announced.
Matsushita, founded by entrepreneur Konosuke Matsushita in 1918 in the western city of Osaka, also makes products under other brands including National. The group will ditch the National brand, which is mainly used for home appliances such as washing machines and refrigerators sold in Japan.
Matsushita introduced the Panasonic brand for international markets in 1955 and it is now widely recognised overseas.
The move 'is a bold step forward to make the company a truly global corporation,' Matsushita said in a statement.
The group also announced plans to invest 94 billion yen ($857m) to construct a new facility that will produce image sensors for digital cameras and other appliances starting from August 2009.
