Matsushita Electric Industrial Co. said Thursday that it expects to raise annual group sales to about 9 trillion yen in fiscal 2003, up about 20 percent from the current level.
Unveiling a three-year business plan that covers fiscal 2001 through 2003, President Kunio Nakamura also said the electronics giant will work to bring its operating profit ratio up to 5 percent of consolidated sales in fiscal 2003, which ends in March 2004.
To increase capital efficiency, Matsushita Electric will restructure its group's business systems by reorganizing business segments and domestic and overseas operating bases, as well as reviewing unprofitable businesses.
Under the plan, the group will cut its number of plants in Japan from the current 133 to about 130, Nakamura said.
Consequently, about 1,000 group employees will be transferred to other operating sites, he added.
Nakamura cited digital audiovisual products and mobile products as key areas to support further growth for the group.
The Matsushita group plans to control more than 10 percent of the global cellular phone market in fiscal 2003 by promoting alliances with foreign firms and building a new factory in the Czech Republic next year, he said.