OREANDA-NEWS. Panasonic Corporation announced that it resolved at its meeting of the Board of Directors held today to conduct a Incorporation-Type company split, effective April 1, 2014 (planned), in order to transfer its existing lighting source business, under lighting business division of Eco Solutions Company, to the company to be newly incorporated (the "Company Split"). Because the Company Split is an incorporation-type company split in which business is split off solely from Panasonic, some of the matters and details for disclosure relating to the company split have been omitted.

The demand for replacement of the existing lighting source, including fluorescent bulbs, by energy-saving and long-life LED lighting lamps is increasing rapidly due to growing worldwide interest in environmental consciousness and energy conservation. To respond successfully to the decline in demand in the existing lighting source market associated with the above trend, it is important to appropriately allocate the operating resources and establish the efficient management system that is suited for the market size. Therefore, Panasonic decided to establish a new company through Company Split with an expected effective date of April 1, 2014, aiming precisely meet customer needs as well as to set up its competitive operating organization.

Panasonic develops comprehensive lighting business that covers everything from lighting devices such as lighting ballast and power equipment, and lighting source including lamps to lighting fixtures. Its lighting source business consists of the existing lighting source, including fluorescent bulbs, and the energy-saving and long-life LED lighting lamps.

It is the existing lighting source business that Panasonic will transfer to the company to be newly established. Meanwhile, the LED lamp business will be integrated into the ongoing LED lighting equipment business. This allows Panasonic to integrate its unique lighting source technology with lighting fixture technology so that it can create and provide new lighting products tailored to the needs of each customer.

In addition, it is also resolved that with an effective date of July 1, 2014 (planned), after the Company Split is conducted, the company to be newly incorporated will conduct an absorption-type merger with Panasonic Lighting Kagawa Co., Ltd. (the "PESLK"), one of Panasonic's wholly-owned subsidiaries.