Japanese consumer electronics company Matsushita Electric Industrial, best known for its Panasonic brand, plans to discontinue operations at Panasonic Electronic Devices U.K. or PEDUK, at the end of the year.
PEDUK makes car speakers for European automobile manufacturers at a manufacturing site in the UK .
The unit has faced 'severe price declines' due to intense competition, the company said. In its fiscal year ended in March, the unit generated income of 175,000 pounds ($304,500) on net sales of 15.6 million pounds ($27.1 million.)
Car speaker production will be transferred to factories in Asia and Slovakia, the company said. PEDUK's factory has 242 employees.
The closure is a part of Panasonic's global restructuring plans, the company said.