Matsushita will change its name officially to Panasonic, a name that has been used for many years for the firm’s consumer products around the world.

In a conference call on Thursday, Matsushita president Fumio Ohtsubo noted that he had mixed feelings about the change, but he believes that the Panasonic name will deliver "more value" to the company than "nostalgia": Matsushita was founded 90 years ago by Konosuke Matsushita.

The name change will become official on October 1, 2008, pending approval at a shareholders’ meeting in June. Ohtusubo also said that Matsushita will drop its Japanese brand "National" in favor of Panasonic by March 31, 2010.