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Panasonic’s Company Story 2023
Panasonic Corporation, previously known as Matsushita Electric Industrial Company Ltd., is a large Japanese multinational electronics company, with its headquarters in Kadoma, Osaka. It was founded in 1918 by Kōnosuke Matsushita, a manufacturer of light bulb sockets. Other than consumer electronics from the world's largest manufacturer in the late 20th century, Panasonic offers a variety of products and services, including rechargeable batteries, automotive and avionic systems, industrial systems, and home renovation and construction. In this video on Panasonic’s company story, we would be discussing how a 23-year-old man made these achievements a possibility.
Panasonic was created on March 7, 1918, by Konosuke Matsushita, then 23 years old. He had previously lived in a two-room apartment building with his wife, Mumeno Lue, and her teenage brother, Toshio. He worked as an apprentice for Hibachi and bicycle manufacturers and, also worked for the Osaka Electric Light Company. Eventually, Matsushita developed a design for a new type of lamp socket.
Though his manager tried to discourage him, Matsushita and his family sold the device from their home. After some time, Matsushita had varied his product range, finally fulfilling an order for insulation plates for electric fans.
This venture gave them the financial ability to move into a bigger house, and that was how Matsushita Electric Housewares Manufacturing Works was born. Matsushita quickly added an attachment plug and a two-way socket to the company's line of products. By the end of 1918, the company had 20 employees.
When Matsushita’s company was 2 years old and had 28 employees, he formed the "Hoichi Kai", meaning "one-step partnership". This brought employees together to play sports and take part in other leisure activities. At the end of 1922, the company had 50 employees and a new factory.
At the end of that decade, inventory began to build up. To deal with that backlog, Matsushita announced his decision to cut production in half but, not to lay off any employee.
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