Matsushita and Minebea Establish Joint Venture Company for Information Equipment Motor

Minebea Co., Ltd. ("Minebea"), the leading name in miniature and small-sized ball bearings, and Matsushita Electric Industrial Co., Ltd. ("MEI"), best known for its Panasonic brand of consumer electronics and digital communication products, and have announced today that the two companies will establish a new joint venture company for information equipment motor business, in accordance with the basic agreement signed on August 27, 2003 and the business integration agreement signed today. The new joint venture company, to be named "Minebea-Matsushita Motor Corporation" will be established on April 1, 2004 to integrate information equipment motor business of the two companies in four categories - fan motors, stepping motors, vibration motors and direct current (DC) brush motors ("information equipment motors). Tosei Takenaka, Director and Senior Managing Executive Officer of Minebea will assume the post of President of the new company, while Miyuki Furuya, Director of MEI's Information Equipment Motor Business Unit, will be assigned asVice President of the same company. The new company will integrate all functions of the two companies' information equipment motor business in the aforementioned four categories from development, manufacturing and sales. By so doing, the new company will be positioned among the top three in each of the four categories, based on unit sales results for the year ended March 31, 2003. The new company aims to increase its global competitiveness and capture the leading position in markets worldwide in relevant product categories. This is to be achieved through economies of scale, standardization of manufacturing processes and designing methods utilizing advanced production engineering and product development technologies of Matsushita and Minebea, and through cost reduction efforts from the development of advanced magnet / material analysis technologies.