Matsushita shutting down Panasonic UK operations

Japanese consumer electronics company Matsushita Electric Industrial, best known for its Panasonic brand, plans to discontinue the operations of Panasonic Electronic Devices UK, or PEDUK, at the end of the year, an Associated Press report said.

The report said PEDUK made car speakers for European automobile manufacturers at a manufacturing site in the UK.

The unit had faced "severe price declines" due to intense competition, the company said.

In its fiscal year ended in March, the unit generated an income of 175,000 pounds ($304,500) on net sales of 15.6 million pounds ($27.1 million), the Associated Press report said.

Car speaker production would be transferred to factories in Asia and Slovakia, the company said.

PEDUK's factory has 242 employees.

The report said the closure was part of Panasonic's global restructuring plans.